Spyker Cars renews bid to buy Saab from GM Saab at a track near you soon.
12-20-2009, 06:15 PM
#1
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Spyker Cars renews bid to buy Saab from GM Saab at a track near you soon.
Last Updated: December 20. 2009 2:42PM
Spyker Cars renews bid to buy Saab from GM
Malin Rising / Associated Press
Stockholm -- In a final attempt to rescue Saab Automobile AB, Dutch auto maker Spyker Cars on Sunday submitted a new offer to buy the Swedish brand from General Motors Co.
Spyker said it has submitted a new 11-point proposal to GM, addressing the issues that made talks collapse earlier this week.
GM on Friday said it would wind down Saab because issues arose during the sales talks with Spyker that could not be resolved, and the window of time to complete a deal was small.
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Spyker CEO Victor R. Muller said he hoped the new offer would make GM change its mind.
"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 Dec. 31," he said in a statement.
"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," he added.
Muller said the new offer removes a demand that a loan from the European Investment Bank to Saab be approved before the end of the year, and has the full backing of Saab's management.
It said the offer expires Monday, giving GM little time to make a decision.
Later Sunday, GM said it had received "inquiries from several parties."
"We will evaluate each inquiry. We will not comment further until these evaluations have been completed," it said in a statement.
Saab employs about 3,400 people worldwide, most of them at its main plant in Trollhattan, Sweden.
Gert-Inge Andersson, leader of the local government in Trollhattan, said he did not yet dare to believe in the new offer.
"It's bordering on torture, of citizens and the employees at Saab, when messages like these fly back and forth," he told local news agency TT
Swedish government officials declined comment.
GM bought a 50 percent stake and management control of Saab for $600 million in 1989 and gained full ownership in 2000 for $125 million more.
In February, the Swedish brand went into creditor protection in an effort by GM to sell the unit. A consortium led by Swedish sports car maker Koenigsegg Automotive AB signed a preliminary deal to buy the brand in June but dropped out in November.
Spyker Cars renews bid to buy Saab from GM
Malin Rising / Associated Press
Stockholm -- In a final attempt to rescue Saab Automobile AB, Dutch auto maker Spyker Cars on Sunday submitted a new offer to buy the Swedish brand from General Motors Co.
Spyker said it has submitted a new 11-point proposal to GM, addressing the issues that made talks collapse earlier this week.
GM on Friday said it would wind down Saab because issues arose during the sales talks with Spyker that could not be resolved, and the window of time to complete a deal was small.
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Spyker CEO Victor R. Muller said he hoped the new offer would make GM change its mind.
"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 Dec. 31," he said in a statement.
"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," he added.
Muller said the new offer removes a demand that a loan from the European Investment Bank to Saab be approved before the end of the year, and has the full backing of Saab's management.
It said the offer expires Monday, giving GM little time to make a decision.
Later Sunday, GM said it had received "inquiries from several parties."
"We will evaluate each inquiry. We will not comment further until these evaluations have been completed," it said in a statement.
Saab employs about 3,400 people worldwide, most of them at its main plant in Trollhattan, Sweden.
Gert-Inge Andersson, leader of the local government in Trollhattan, said he did not yet dare to believe in the new offer.
"It's bordering on torture, of citizens and the employees at Saab, when messages like these fly back and forth," he told local news agency TT
Swedish government officials declined comment.
GM bought a 50 percent stake and management control of Saab for $600 million in 1989 and gained full ownership in 2000 for $125 million more.
In February, the Swedish brand went into creditor protection in an effort by GM to sell the unit. A consortium led by Swedish sports car maker Koenigsegg Automotive AB signed a preliminary deal to buy the brand in June but dropped out in November.
12-21-2009, 10:55 AM
#4
Team Owner
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Swed gov said no today is the last day for the offer. Never liked them but also hope they keep floating. If not GM will sell off technologies like drivetrain, engines and each model in pieces to Chinese companies. The Chinese plan to copy them in China for sale there.
12-21-2009, 10:59 AM
#5
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Last Updated: December 21. 2009 9:27AM
Spyker makes new offer to save Saab
Nelson D. Schwartz / New York Times
Paris -- Could Saab yet be saved? Hopes dimmed Friday when General Motors Co. rejected a plan to sell it to Spyker Cars and said the brand would be shut down. But new interest surfaced Sunday, including a renewed offer from Spyker.
A spokesman for GM reacted cautiously to the new bid from Spyker, a tiny Dutch maker of high-end sports cars that many industry experts doubt could successfully revive Saab, the struggling Swedish brand. However, he said other potential buyers had expressed an interest since Friday's announcement.
"We continue to wind down Saab, but during that process we've received several expressions of interest," said Chris Preuss, the GM spokesman. "We evaluate these offers as they come, but beyond that we're not making any comment."
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GM said Friday that it did not think a deal could be concluded by its Dec. 31 deadline because of concerns about Spyker that arose during the final negotiations.
Raising the ante on Sunday, Victor R. Muller, Spyker's chief executive, said he had presented GM with an 11-point proposal that addressed the automaker's concerns. He imposed a deadline of his own, 5 p.m. today, for GM to respond to his offer.
Publicly, GM executives declined to identify their problems with Spyker, but several officials familiar with the private negotiations said GM was troubled by Spyker's reliance on Russian loans to finance the deal, as well as the fate of Saab's proprietary technology under Spyker. The biggest investor in Spyker is the Russian bank Convers Group.
Another snag had been the question of whether Spyker could win a loan from the European Investment Bank.
Bloomberg News contributed.
Looks like they will go down. Wonder what new ones on lots will sell for after that?
Spyker makes new offer to save Saab
Nelson D. Schwartz / New York Times
Paris -- Could Saab yet be saved? Hopes dimmed Friday when General Motors Co. rejected a plan to sell it to Spyker Cars and said the brand would be shut down. But new interest surfaced Sunday, including a renewed offer from Spyker.
A spokesman for GM reacted cautiously to the new bid from Spyker, a tiny Dutch maker of high-end sports cars that many industry experts doubt could successfully revive Saab, the struggling Swedish brand. However, he said other potential buyers had expressed an interest since Friday's announcement.
"We continue to wind down Saab, but during that process we've received several expressions of interest," said Chris Preuss, the GM spokesman. "We evaluate these offers as they come, but beyond that we're not making any comment."
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GM said Friday that it did not think a deal could be concluded by its Dec. 31 deadline because of concerns about Spyker that arose during the final negotiations.
Raising the ante on Sunday, Victor R. Muller, Spyker's chief executive, said he had presented GM with an 11-point proposal that addressed the automaker's concerns. He imposed a deadline of his own, 5 p.m. today, for GM to respond to his offer.
Publicly, GM executives declined to identify their problems with Spyker, but several officials familiar with the private negotiations said GM was troubled by Spyker's reliance on Russian loans to finance the deal, as well as the fate of Saab's proprietary technology under Spyker. The biggest investor in Spyker is the Russian bank Convers Group.
Another snag had been the question of whether Spyker could win a loan from the European Investment Bank.
Bloomberg News contributed.
Looks like they will go down. Wonder what new ones on lots will sell for after that?
12-22-2009, 09:16 PM
#6
Team Owner
Thread Starter
Last Updated: December 21. 2009 3:32PM
Spyker extends Saab offer deadline
Associated Press
Dutch carmaker Spyker is giving General Motors Co. more time to consider its latest offer for car brand Saab.
Spyker Cars had previously given GM until 5 p.m. today to consider its latest proposal, but Spyker says that deadline has been extended indefinitely as negotiations continue.
Spyker submitted the latest offer on Sunday, just days after talks with GM to buy the Swedish car brand collapsed. GM said on Friday it had no other buyers and would close Saab.
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Today, Swedish government officials were holding emergency meetings with unions and local authorities to prepare for the closure of Saab's main factory in Trollhatten.
Spyker extends Saab offer deadline
Associated Press
Dutch carmaker Spyker is giving General Motors Co. more time to consider its latest offer for car brand Saab.
Spyker Cars had previously given GM until 5 p.m. today to consider its latest proposal, but Spyker says that deadline has been extended indefinitely as negotiations continue.
Spyker submitted the latest offer on Sunday, just days after talks with GM to buy the Swedish car brand collapsed. GM said on Friday it had no other buyers and would close Saab.
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Today, Swedish government officials were holding emergency meetings with unions and local authorities to prepare for the closure of Saab's main factory in Trollhatten.