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NINETY EIGHT REGENCY

Spyker CEO says Saab talks positive, could go either way

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Spyker CEO says Saab talks positive, could go either way

January 26, 2010 12:16 CET

STOCKHOLM (Reuters) -- Spyker Cars CEO Victor Muller said on Tuesday that talks on its bid to purchase Saab were proceeding well and negotiations could "go either way."

Shares in Spyker have skyrocketed on speculation it was close to clinching a deal to buy money-losing Saab from General Motors Co.

"Negotiations are ongoing and the spirit is positive, but we are very, very tired," Muller told Reuters while in Stockholm, where he is holding talks.

"It is such a complicated transaction. It's not for no reason it has taken so long. It is extremely technical," he said. "It can go either way, but you can rest assured we are doing everything to close the deal."

Investment company Genii Capital said it has withdrawn from the bidding for Saab, leaving Spyker as the sole remaining bidder to rescue the Swedish auto brand.

Genii Capital's bid had been backed by Formula One mogul Bernie Ecclestone and had said as recently on Sunday that although Spyker was "well-positioned" to buy Saab, Genii was ready to pounce if the Spyker bid collapsed.

GM CEO Ed Whitacre said on Monday the company has held advanced talks with Spyker over the sale of Saab, but is proceeding with plans to wind down the unit.

"Obviously there have been advanced talks with Spyker cars to acquire Saab. However, we do not have a deal to announce. If and when that changes, we will let you know," Whitacre said.

Read more: http://www.autonews.com/article/20100126/ANE/301269972/1265#ixzz0djU4ISK9

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