GM to Consider Spyker Offer for Saab

General Motors Company received an offer from Dutch carmaker Spyker Cars NV for Saab only two days after it announced that the brand along with all 218 dealerships in the U.S. would be closed permanently.

Victor Muller, Spyker CEO, said their 11-point proposal was delivered to GM and addressed each issue brought up during due diligence following the original bid for Saab. Muller reported that the new proposal should put to rest any problems that might hinder the progress of the deal.

Muller said, We’re very confident we have put forward a proposal that can convince GM in time. The jury is still out. We will see what happens next.

GM responded saying, Following Friday’s announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. They also said that no further statements would be made until complete evaluations of the deal had taken place.

The decision to close Saab came after negotiations with Spyker fell apart recently. However, Muller says, We have made every effort to resolve the issues that were preventing the conclusion of this matter, and we have asked GM and all other involved parties to seriously consider this offer.

Spyker remains hopeful that GM will consider their latest proposal and allow the deal to come to a swift conclusion. Muller said, “We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31.” Spyker says the offer is good until December 21.

No specific comments were made about the due diligence process or the financing involved in the deal. Spyker is a sports car maker that sold 43 cars last year for around $287,000 each. Backers of the company are Vladimir Antonov, the Russian banking tycoon, and his Convers Group, which has about a 30% share in the company. Some experts believe that financing the deal would mean selling shares of Saab to the company’s Russian backers.

Spyker claims their proposed deal would be a win-win situation. Saab would provide them with global distribution and production facilities, sourcing and R&D and solid engineering; Saab would receive sound financial backing and an increased chance to successfully compete in the global auto marketplace.

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