NINETY EIGHT REGENCY

GM Likely to Decide on Saab’s Future Next Week, Aakerlund Says

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GM Likely to Decide on Saab’s Future Next Week, Aakerlund Says

December 29, 2009, 05:35 AM EST

By Ola Kinnander

Dec. 29 (Bloomberg) -- General Motors Co. is prepared to wait until next week before making a decision on the future of the Saab unit as it reviews remaining bids, according to Paul Aakerlund, a Saab board member.

GM told Saab last week that it would wind down the Swedish brand and simultaneously continue talks with bidders about a sale, said Aakerlund, who also heads the IF Metall union at Saab. Talks to sell Saab to Spyker Cars NV collapsed Dec. 18 and Spyker Chief Executive Officer Victor Muller blamed the failed deal partly on a “strict deadline” for an agreement by the end of this month. The Dutch carmaker submitted a new offer Dec. 20.

“It’s our understanding that if there’s a bid that GM finds sufficiently interesting, then the 31st of December is not a date that’s holy,” Aakerlund said in a telephone interview today. “They’re working with the bids they’ve received for Saab. Spyker and others are very willing to buy Saab, so we’re still hoping for that solution.”

GM said Dec. 20 that it had received inquiries from “several parties” about Saab. The brand is among four being sold or shut as GM focuses on Chevrolet, Buick, GMC and Cadillac after its July 10 bankruptcy exit.

Saab hasn’t started the wind-down process, Aakerlund said. Saab’s factory in Trollhaettan is closed for the holidays and is scheduled to reopen Jan. 11.

“We still haven’t received any clear instructions about what a wind-down would entail,” Aakerlund said. “It’s far from certain they will say anything the next few days.”

GM’s position hasn’t changed from a Dec. 18 statement about Saab’s future, Chris Preuss, a company spokesman in Detroit, said yesterday. “We are winding down Saab and talking with interested parties as part of that process. We will not comment further,” he said in an e-mail.

--With assistance from Katie Merx in Detroit. Editors: Kenneth Wong, David Risser

To contact the reporter on this story: Ola Kinnander in Stockholm at +46-8-610-0714 or okinnander@bloomberg.net

link:

http://www.businessweek.com/news/2009-12-29/gm-likely-to-decide-on-saab-s-future-next-week-aakerlund-says.html

Edited by NINETY EIGHT REGENCY
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So much conflicting news. I wonder if the last release of "GM not considering Spyker offer" was a PR ploy to play hardball and get more money? Something's way off in the state of Denmark...

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So much conflicting news. I wonder if the last release of "GM not considering Spyker offer" was a PR ploy to play hardball and get more money? Something's way off in the state of Denmark...

Don't you mean Sweden? :neenerneener:

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Don't you mean Sweden? :neenerneener:

Or the Netherlands? (Isn't Spyker Dutch?)

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This rumor mill is crazy; I'm not sure why GM is unwilling to sell the brand for cheap since cheap is better than 0.

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Don't you mean Sweden? :neenerneener:

Or the Netherlands? (Isn't Spyker Dutch?)

No kidding, but then I wouldn't have been paraphrasing Shakespeare.

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