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Spyker renews Saab bid

TT/The Local · 20 Dec 2009, 14:17

Published: 20 Dec 2009 14:17 GMT+01:00

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Spyker claims its new proposal removes the obstacles to a deal encountered by General Motors as it revealed it would no be able to perform due diligence on the bidder before the end-of-year deadline seat by the US automotive firm's board.

"We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," said Spyker CEO Victor R Muller in a statement.

"We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st", he added.

Spyker said its offer would remain valid until Monday at 5pm Eastern Standard Time -- 11pm on Monday in Sweden.

"Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management," said Muller.

Story continues below…

"The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM's deadline," he added.

General Motors has yet to comment on the new bid.

TT/The Local (news@thelocal.se)

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Your comments about this article

15:07 December 20, 2009 by Scotsaab
Incredible news. Let's hope this one sticks. Christmas miracle....or another false hope? I sincerely hope it's the former. Saab deserve to survive, need to shake off the shackles of a giant like GM and concentrate on the niche market designs that made them great. With the right funding package and good management they are viable. Fingers crossed!
15:17 December 20, 2009 by Rick Methven
Will GM bite or will they say no and close down SAAB as they really want to do?

If they do not work to accept this new bid, they should be thrown out of Europe and all their assets seized
16:08 December 20, 2009 by Scotsaab
I agree with both of the above. GM have done little to save Saab. Looking at it from their point of view I suspect Saab could be regarded as a competitor. What better way to remove even a small rival than to let it perish? Cynical, but I've seen it before. GM are ruthless and confident - a social conscience is not one of their strengths.
18:23 December 20, 2009 by local_in_overseas
My question is what are the benefits of GM to opt a shutdown decision for SAAB ? They earned a significant amount by selling 90's prototype to chinese. Will they continue like this ? Maybe the next prototype buyer is India.. lol.. ( Ironic) .. But why is GM taking a hard point on selling ? I cant really formulate with confidence . I hope you guys will put your valuable comments ..

god jul :)
18:49 December 20, 2009 by VegasBaby
Note for the new owner of SAAB:

I can't speak for the rest of the world, but in the US, the car brands that sell (and are profitable) are those that consistently achieve high reliability ratings from organizations like Consumer Reports, etc.

Saab has a reputation for less than reliable vehicles. Many people could overlook reliability (with a good warranty of course!), if Saab continued its unique styling. Saab has been stuck with old platforms and has not impressed in the driving experience.

Sweden's brands are diminishing (the youth here have no idea who ABBA is), so the Swedish government needs to invest in this new endeavor. Who new the Swedes would be outdone by Finland ( Nokia, Linux, etc). Come on Sweden we're pulling for you!! Saab is vital.
19:05 December 20, 2009 by 2394040

Someone once said that an "expert" is someone at least 50 miles from home. If I had listened to rags like Consumer Reports, I would not have bought what has turned out to be the best car I've ever owned: a 1998 Ford Escort ZX2. It's in its 12th years with me, has just passed the 260,000 mile mark, does not use any oil, has the original unrebuilt engine and five-speed transmission, original muffler and suspension, purrs like a kitten, and will get 44 miles per gallon on the interstate. I recently had it repainted, so it looks brand-new. The paint job is the only major expense on this car. I will match it against any set of wheels on the planet, regardless of price or builder.

Has it ever occurred to you that "expert" opinions can be bought and sold?
19:51 December 20, 2009 by High Priestess Kang - Slut
Consumer Reports is an idea whose relevance has long since passed on. It's neither current nor helpful as it relates to the pre-owned vehicles. In 2004, it rated the 2003 9-3 as a good pick. Thereafter, it's been a dog. Granted, those people do not have crystal balls (not that I have felt, anyway) but there is simply no possible way to rely on general ratings when there are so many variables to consider.

Trowly - You're 100% correct.
22:18 December 20, 2009 by Chuzzlewit
GM turned Saab into just another GM vehicle. The only thing that remains of the old Saab is the ignition key placement.
22:26 December 20, 2009 by lyndon_ross
This is good news. Spyker seem genuine why not give them a chance. GM was only a parts bin out to make money. No interest in SAAB at all. Koenigsegg were only out for free advertising and a bit of publicity.I feel as a SAAB driver for many years that the brand needs to be saved. Good luck SAAB.
02:13 December 21, 2009 by High Priestess Kang - Slut
The little one is looking forward to a nice evening, around a fire, with Nigel, Gus and you.

I hope everything is well in your world, Dr Ford. Have a wonderful Jul and a prosperous New Year.
05:05 December 21, 2009 by falcon
Spykr is silly. Less than 50 cars and they now claim the Russian gangster who owns it mysteriously stepped aside. Now THAT IS FUNNY!

How do you step aside from a company you own? Spyker loses money as Spyker. Nice try, now move along.

First Koenigsegg, now Spycar. Are there any normal people interested?
07:16 December 21, 2009 by Globalnomad
Sadly this is all a load of crap. GM has wrapped SAAB up and the fat lady has sung. This is truly an economic nuclear bomb of a disaster for Västra Götaland and Sweden and the numbers are staggering and the impact huge but at the end of the day SAAB was not profitable and the Swedes can blame GM all they want but the fact is when GM bought them they were not profitable. God help Trollhättan.
08:39 December 21, 2009 by Mina08
does it mean people are still going to buy SAAB's around the world, my opinion nothing will chnage...
08:28 December 22, 2009 by michalino
I'm sad because the GM look to de-install all whats good. SAAB is one from best cars over the world. Why doesn't Swedish government wake up? What's problem to support the selling to Spyker? Why government doesn't be interested in SWEDISH BRAND?! At least Ami's are here to satisfy their needs only. They bring the automotive industry in EU down. They no-welcome here. Let's to rescue the SAAB for next generation. I believe that's possible but the Swedish government should play with!!!
16:15 December 22, 2009 by peterhoeft
I'm American and love American brands. But I'm definitely not a fan of when one of our companies buys a foreign brand and strips out the character from the brand. But there have been some improvements caused by higher quality control that Saab can now benefit from in the future.

I own a Saab 9-7x and love it and want to see Saab continue in the future. I would definitely purchase another Saab. I wish Spyker well and hope they are successful in their attempts to purchase Saab. And I would especially like to see Sweden throw their support behing Spyker --- at the same time helping Saab's employees keep a good thing going.
20:33 December 22, 2009 by zeulf
My Dear Swedies, Please wake Up. I sit just outside Detroit, Underemployed and Having worked at the G.M. Technical Center during the time when G.M. bought 50 % of SAAB Cars. 1. Why Did G.M. buy them? Was SAAB making too much Profit and just did not have the space to store the Gold ? I think not. most likly it was the Cache value and their own Hubris. Remember, SAAB Cars was losing Money hand over Fist at this time 2. SAAB Never built more than 100K Vehicles/Year at that time, but had 2 body styles and more, 9000, 900, Convert, Three door, Four and five door. and You cannot Build Vehicles You cannot Sell.

I love reading about how G.M. took all the Good technology out of SAAB , but nobody specifys what that was.

I have Driven and Repaired plenty of SAABs, So far my mid 90s 900 ( Swedish Opel)is a much better car than the Mid 80s or my 90 Cab.

I very much hope that SAAB will be Saved. But How and by Who. If You Swedes do not step in quick it will be gone.

The Economy will suffer to loose those Jobs, of course there is a price to pay for them. Good Luck Trollhaetten
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