GM says it is evaluating several last-gasp offers for Saab - including a dramatic late bid from Spyker.
Dutch supercar maker Spyker submitted an 11-point proposal on Sunday, giving GM until 5pm Eastern Standard Time (10pm UK time) on Monday 21 December to accept. GM had said on Friday that it had ended talks, and would begin closing Saab down.
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Spyker CEO Victor R. Muller said the proposal to GM addressed each of the issues that arose during the due diligence process. He added that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.
“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 Muller.
“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 31 December.
“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.
"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.
"Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world."
Sweden's unions have urged GM to consider the new offer, with If Metall chairman Stefan Loefven saying: " I understand the frustration felt by everyone who is dependent on Saab, to be thrown between hope and despair is terrible. GM must now respond with a serious examination of the new bid."
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Re: Spyker's last-gasp Saab bid
Now we'll know if GM are/were serious about selling Saab. If they reject these two solid offers, without Chinese or Russian backing, GM will be seen as back-stabbing, dishonest corporate monsters and I would expect some significant drop in sales of GM products in Europe as a result.
Interesting side point - GM's fear of dealing with Russia doesn't seem to extend to selling bucket loads of Chevy/Deawoos and Russian built Opels to the Russian people - how hypocritical is that! My Russian wife's friends would never buy a GM product after this!
Re: Spyker's last-gasp Saab bid
Spot on Platform - and the other bidder is the Merbanco banking/investmetn group whci has serious clout, was a shortlisted bidder when K'sg was selected and had now got Swedish investors as well as management on board - 2 very serious bids then, let's hope GM are listening and sincere.
Re: Spyker's last-gasp Saab bid
Just to correct all of your statements, I'm not sure if you were aware of the facts of the new bid when you wrote this, so I'll give you the benefit of the doubt. The Russians are out, the Arabs are in. Mubadala Development increased its stake in the bid to purchase Saab through Spyker Group. This means that they would have a controlling share of Saab, something I am fairly certain is a win-win. Mubadala is especially interested in diversifying Abu Dhabi and the UAE's economic interests to be a hub for green technologies. As the investment arm of the Royal Family and government of Abu Dhabi, they have resources in the tens of billions of US dollars. With a 5% interest already in Ferrari with a primary interest in motorsports, Saab would represent their ambition to compete in the green car segment, further amplified by Saab's new association with TE in Trollhattan in the development of 100 Saab 9-3 Electric Convertibles, and the new "laddhybrid" rear axle technology. To claim that Spyker has limited resources or is bound to Russians, I think is now a moot point. With Mubadala as primary backer, we're looking at a bidder with more economic clout than most corporations on earth. Glad to clarify.