Spyker boss to Sweden over Saab future

Negotiations between General Motors and Dutch luxury car maker Spyker over the future of Saab were believed to have moved to Stockholm on Friday, with media reports stating Spyker CEO Victor Muller paid a visit to the capital.

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According to US news agency Bloomberg, Spyker has submitted a bid of around 3.6 billion kronor ($500 million) for Saab and adds that GM are, in principle, satisfied with the offer.

The bid has been divided so that GM would receive around 541 million kronor ($75 million) in cash and 2.3 billion kronor ($325 million) worth of shares in the future company.

In addition, GM would receive 721 million kronor ($100 million) directly from Saab funds, money to be profited from the sale of equipment to Chinese company BAIC.

An important question hanging in the balance for Spyker is the promise of a loan guarantee from the Swedish National Debt Office (Riksgälden) in accordance with the European Investment Bank (EIB).

Reports from the US suggested that Spyker chief executive Victor Muller was in Stockholm to meet with representatives from GM to continue negotiations.

While sources from both Bloomberg and DI state the Spyker-Saab deal can still collapse, it has also been reported that the process may soon be finalised and an announcement could be on the cards next week.

Meanwhile, the two liquidation companies appointed to oversee the wind down of the company are awaiting developments before making changes or issuing final notices for Saab employees, reports TV4 West.

"It's clear they are waiting and I can confirm they have not been in touch with us," said Paul Åkerlund, chairman of the IF Metall union branch in Trollhättan, to news agency TT.

Åkerlund added that no union representatives at the Saab factory have as yet been called to a meeting with the liquidators.