DETROIT — Saab still has a faint heartbeat, it appears, as Spyker announced on Sunday that it has submitted a "renewed offer" for the Swedish brand to General Motors. Meanwhile, GM on Sunday acknowledged that it "has received inquiries from several parties," adding that "we will evaluate each inquiry. We will not comment further until these evaluations have been completed."
Spyker in a statement said its renewed offer "is valid until 5 p.m. ET on Monday.
"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," said Spyker CEO Victor R. Muller in a statement.
GM on Friday said it would start an "orderly wind-down of Saab operations" because it could not reach an agreement to sell the Swedish brand.
Spyker said an 11-point proposal had been submitted to GM "addressing each of the issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction."
Swedish media on Monday reported that talks to save Saab are being greeted with "skepticism."
"We have tried every possibility to save Saab," Swedish Enterprise Minister Maud Olofsson told Swedish radio, saying she was skeptical about Spyker's chances of succeeding in rescuing the brand.
The Swedish news agency TT reported that GM officials were not expected to attend emergency talks in Sweden on Monday on the future of Saab in the automaker's hometown of Trollhattan.
"For a buyer to set a time limit is, in my opinion, strange and unprofessional," wrote Hakan Matson, an auto analyst in a column in Swedish business daily Dagens Industri.
Swedish newspaper Svenska Dagbladet reported Spyker's Russian investors Vladimir and Alexander Antonov were no longer behind the Dutch group's bid for Saab — reportedly one of the sticking points in negotiations with GM, according to Swedish media reports. The Antonovs and their Convers group were not mentioned in Spyker's latest statement.
"Our company motto is nulla tenaci invia est via — for the tenacious no road is impassable," said Spyker's Muller in a company press release. "And we intend to remain true to that throughout these negotiations as we bid to secure Saab."
Inside Line says: We should know shortly if Saab's stay of execution will stick. — Anita Lienert, Correspondent
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lucien4 says:
06:13 PM, 12/21/2009
I don't see how this is politically related. Sweden is socialist in terms of welfare but that's different from saving (capitalist) companies in the open market. Just like the US Sweden would try to save a company if huge amount of jobs are at stake. Any country would try to save a company/bank if it employs huge amount of people.
Well GM recovered so far so you can't say it's a failure yet.
cz75 says:
04:17 PM, 12/21/2009
What does GM gain by liquidating the company vs. selling it as a going concern? Seems the liabilities exceed the benefits and pawning it onto someone else is a win-win if they take all liabilities. Surprising a highly socialist country like Sweden isn't doing more to save the company.
firstclass says:
02:28 PM, 12/21/2009
@- alloway70
Well said. And yes we have gotten quite of topic. You have a point in keeping jobs in America and I would be truly sad to see anyone loss their job, even though I'm a strong believer in privet industry. and yes it can make me narrow sighted at times. I hate to see any automotive company/brand fall victim to the economy or even their own mistakes. I was even sad when the Delorean Motor Company went under (good to see DMC back producing cars again). Bravo to Spyker for making a bid I hope GM evaluate the offer quickly because I'd rather see Saab go to Spyker than be Cannibalized by other companies. if GM has to sever anymore of it's head I'm sure it will survive into the future... GM seems to be the mythological Hydra of the automotive industry.
alloway70 says:
01:30 PM, 12/21/2009
I think we've gotten off the topic of wether or not Saab will be saved. However, the wonderful thing about America is that we can all have our own opinions. I strongly believe the problem is that the majority of Americans won't compromise on anything. I certainly don't like the government having a stake in private companies, however I'd rather see the average worker keep their jobs. Besides I'd rather not have an american icon (even one that I don't like...GM) fail like much of the British Auto Industry (i.e. Rover, etc.) We need to keep jobs in America, because without workers who will buy all the capitalistic merchandise, certainly not the Communists.
firstclass says:
12:32 PM, 12/21/2009
As to the "too controversial of a comment" I don't mean it as there's no freedom of speech here in America but rather I didn't want to spark a fire with anyone that didn't share my political beliefs. Politics and religion are controversial everywhere. And there aren't enough words I can type to express my beliefs without some people making judgments as to my education or values.
firstclass says:
12:21 PM, 12/21/2009
@alloway70
That's basically what I'm implying. I think Gm should have been allowed to fail. That would have been the happy medium for me (personally). I'm not some crazed conspiracy theorist living in my bunker waiting for black helicopters. Nor am I a stubborn Capitalist who can't see around the domino theory. My address to Communist countries was made in sarcasm. (I"D have put a "LOL" at the end but it's a bit childish) pointing to a world where the two systems of government were seen as mirrored images of one another (so yes it was meant to be shock in awe 1950s). I completely agree with you on moderation, we just disagree as to which level of moderation that is.
alloway70 says:
11:58 AM, 12/21/2009
Lastclass, er I mean firstclass, you sound like a whinney baby. GM failed all on its own. There isn't a perfect system out there, TRUE capitalism doesn't work or exsist and hasn't been a the sole system in the USA (Medicare, Medicaid, SOCIAL security, welfare etc.) I'm sure you won't be turning down a SOCIAL security check (if it comes your way). There isn't anything controversial about what you said, although you clearly haven't a clue. Oh and by the way communism is so 1950's. In your spare time look up some definitions, Socialism and Communism are two separate things. Take time to educate yourself before you talk of things you do not know about. All things are good in moderation, all things need to be regulated in some fashion...the US is already a quasi Capitalist/Socialist society...it needs to find a happy medium where business thrives but workers also thrive.
firstclass says:
10:20 AM, 12/21/2009
Perhaps a Spyker hail-Mary will be Saabs savior after all. Despite Spykers motto "for the tenacious no road is impassable" does that apply to a government controlled road as well? At this point it seems as though no company wants to get involved in a privately owned company that is no longer privately owned and operated. The symbol of the success of capitalism (GM) is starting to become the perfect representation of the flaws of Socialism.
I only hope that communist countries are watching and taking notes. this is what happens when the Government gets too involved in privately owned businesses. I know the Govenment saved Jobs but in doing so spat in the face of what made this country great (free interprise). Free enterprise has moved into the gray with ever other American right. GM should have gone under if they truly lived in a Capitalist society. hope this isn't too controversial of an opinion to post here as well.