GM says it's mulling new Saab inquiries; Spyker still in hunt

ERJ staff report (AN)

AMSTERDAM (Reuters) -- General Motors Co. said it would evaluate several expressions of interest for Saab, including a new fast-track bid from Spyker Cars NV.

Spyker said on Sunday it had submitted a new offer for Saab, including an 11-point proposal addressing issues that arose during a due diligence process for Spyker's earlier offer for the money-losing Swedish brand that GM wants off its hands.

Spyker's renewed approach came just two days after last-ditch talks over a rescue for Saab collapsed. “We're very confident we have put forward a proposal that can convince GM in time,” Spyker CEO Victor Muller told Reuters. “The jury's still out. We will see what happens next.”

GM had said on Friday it would wind down Saab and shutter its 218 U.S. dealerships. On Sunday the company said that since the announcement it had received inquiries from several parties.

“We will evaluate each inquiry. We will not comment further until these evaluations have been completed,” GM said in a statement.

Spyker 'can meet deadline'

Spyker said its new offer eliminates the need for a European Investment Bank (EIB) loan approval prior to year end, which would allow the deal to be concluded within GM's Dec. 31 deadline for Saab to be sold or shuttered.

Muller said the financing for the Saab offer was in place, but did not reveal any further details.

“Our efforts are based on our passion for saving an iconic brand that we would be honored to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world,” Muller said.

Spyker, a small Dutch maker of sports cars, said its renewed offer is valid until 17:00 EST on Monday, Dec. 21.

“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,” Muller said.

Russian backer

The primary backers of Spyker, which last year sold 43 cars at prices of at least 200,000 euros ($287,800), include Russian banking tycoon Vladimir Antonov and his Convers Group, which has a stake of almost 30 percent in the firm.

Jeroen Willard, an analyst at Dutch brokerage AEK, has said that for Spyker, which has struggled for years, to finance the deal it would likely issue shares to its Russian backers.

Spyker said Saab would provide Spyker with a global distribution network, production facilities and solid engineering, sourcing and R&D while Saab would receive financial backing to compete as a global brand.

GM had previously entered talks with Spyker after a deal with Swedish luxury car builder Koenigsegg collapsed last month. GM had set an original deadline of Dec. 31 to seal a deal.

Abandoning 60-year-old Saab would eliminate 3,400 jobs in Sweden and drop 1,100 Saab dealers.

From Automotive News (A Crain publication)