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Update: Spyker extends Saab offer to Wednesday

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Update: Spyker extends Saab offer to Wednesday

12/21/2009, 2:35 PMBY ANDREW GANZ

Dutch automaker Spyker extended its second offer to buy Saab from General Motors from 5 pm Eastern today until Wednesday, according to reports out of Sweden.

“We wanted a reaction from GM, which we now have. Thus, we can now remove the deadline,” said Spyker CEO Victor Muller in an interview with svd.se.

The likelihood of GM acquiescing to Spyker and selling the brand – instead of shutting it down and laying off upwards of 3,400 workers – is not very good, however, according to a Swedish government minister actively involved in the search for a Saab buyer.

“We hope, naturally, that even if it is a very, very slim thread of hope, there is a chance of finding some kind of solution to the question of Saab,” Swedish enterprise minister Maud Olofsson said at a news conference today.

GM reevaluates decision

“Following Friday’s announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties,” General Motors said in a statement. “We will evaluate each inquiry. We will not comment further until these evaluations have been completed.”

Spyker says that it does not need the European Investment Bank’s 400 million euro loan in order to acquire Saab.

“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”, Spyker CEO Victor R. Muller told the media.

“Despite our collective 11th-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,” Muller said in a statement.

“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.”

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i keep thinking of the movie Airplane....


Edited by regfootball
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