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NINETY EIGHT REGENCY

Swedish gov't to meet GM over Saab future

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Swedish gov't to meet GM over Saab future

January 6, 2010 06:01 CET

STOCKHOLM (Reuters) - A delegation from the Swedish government will meet with General Motors Co. next week in the United States to discuss the future of loss-making car unit Saab, Sweden's national news agency said on Tuesday.

Representatives from Sweden's finance and industry ministries will meet in Detroit with Saab parent GM and Ford Motor Co., currently in the process of selling its Swedish car unit Volvo.

"As we understand it, GM has not closed the door to a sale (of Saab), even if the official line is a wind-down," state secretary Joran Hagglund said.

"We want to make totally sure they (GM) have all the information they need."

Dutch sports car maker Spyker Cars, which wants to buy Saab, has said GM has set a deadline of Jan 7. for bids for the Swedish firm.

Saab, which GM has controlled since 1989, posted a loss of $340 million in 2008 and is expected to have made a similar loss last year.

A deal with Swedish luxury car maker Koenigsegg to buy Saab fell through in late November and in December, GM said it would start winding down Saab's operations though it would consider new bids for the firm.

Spyker's CEO, Victor Muller, has said there are multiple parties still interested in buying Saab, which employs over 3,000 workers in Sweden

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100106/ANE/100109969/1265#ixzz0bqYrARE4

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