Saab deal not yet done: General Motors

Saab deal not yet done: General Motors
General Motors and the Swedish government have both poured cold water on rumours that Saab has been sold to Dutch sports car maker Spyker.

Stefan Weinmann, spokesman for GM Europe said the company was aware of speculation surrounding the sale but stressed that a deal had not yet been agreed.

“We’re still talking to each other. Negotiations are ongoing and we have nothing new to present,” he told news agency TT.

Sweden’s enterprise minister Maud Olofsson said no decision had been reached regarding Saab at an extraordinary cabinet meeting held on Monday afternoon.

“We’ve made decisions but not about Saab,” she told newspaper Expressen.

Swedish media reports earlier on Monday suggested a deal for the purchase of Saab Automobile by Dutch luxury carmaker Spyker Cars was complete.

Sveriges Television (SVT) reported early Monday afternoon that the deal was finally done following approval of a key €400 million loan from the European Investment Bank (EIB).

According to SVT, the Swedish government has scheduled an extra cabinet meeting for 2.30pm to decide on whether or not to provide a state guarantee for the loan.

“Yes, the government will hold an extra meeting this afternoon about a number of issues, but the question of loan guarantees will also probably come up,” enterprise ministry deputy director Hans G. Pettersson told the TT news agency.

Sweden’s National Debt Office (Riksgälden) recently finished a report which will serve as the basis for the government’s position on whether or not to provide state guarantees for the EIB loan.

Pettersson added that he can’t confirm that the deal between GM and Spyker is finished.

“Even if things look good now, it has happened before that someone falls at the goal line. It’s not finished until both parties go out with it,” he said.

Throughout the Saab sale process, the Swedish government has had constant contact with the European Commission, which must approve any state loan guarantees.

“We still haven’t receive a definite answer from the Commission,” said Pettersson.

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