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Spyker Continues Talks With GM Over Saab

Posted on 19 January 2010 by Scott Hayes

Spyker Cars CEO, Mr Victor Muller, said yesterday that the group was still in talks with GM over a decision to purchase Saab.

Mr Muller gave no indication of when a deal might be clinched with Saab’s future hanging in the balance after GM nominated two ‘wind-down supervisors’ last week. The strange move came at the same time GM announced it was still considering bids for Saab. Mr Muller also said that it was “unclear when we will be done”, but did not say whether GM had imposed a deadline for a deal to be sealed.

A GM Europe spokesman had earlier said that GM was still in talks about Saab, but did not say whether GM was talking to one or several buyers. The talks between GM and Spyker, a Dutch maker of luxury sports cars, came after more than 500 Dutch Saab enthusiasts rallied on Sunday in support of the brand.

Mr Muller denied reports of a joint bid for Saab with another bidder, the investment company Genii Capital, whose offer is backed by Formula One boss Bernie Ecclestone.

Via CarAdvice

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GM Announces The Death Of Saab

Posted on 18 December 2009 by Scott Hayes

GM announced moments ago they couldn’t seal a deal to sell Saab, its 62-year-old Swedish brand. As a result, the brand’s officially ‘finished’, with GM starting a three month ‘orderly wind-down of Saab operations.’

Press Release (Click to expand)

Saab Sale Cannot Be Concluded
Brand to be Wound Down

General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations.

Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world.

As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale.

As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands – Buick, Cadillac, Chevrolet and GMC – and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model.