STOCKHOLM, Sweden — Representatives of General Motors and Spyker Cars met over the weekend to review the details of Spyker's $500 million offer to buy Saab.
According to the Financial Times and the Bloomberg news service, the deal may still fall through, but both sides appear to be closing in on a final agreement that could be announced this week.
Bloomberg also said that GM is insisting that Russian tycoon Vladimir Antonov, who holds a controlling stake in Spyker, must leave the company before a deal can be reached.
An additional requirement is that the Swedish government must guarantee a $566 million loan to Saab from the European Investment Bank.
Press reports said Spyker's offer is composed of $75 million in cash and $325 million in preferred shares in the "new" Saab after a deal is concluded, leaving GM with a stake in the revitalized firm.
Inside Line says: Does GM really want to be a part owner of Saab-Spyker? — Paul Lienert, Correspondent
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angry_mushroom says:
07:14 PM, 01/25/2010
This looks promising. Hopefully the new Saab 9-5 will help GM close in on the deal.
atenza94546 says:
04:47 PM, 01/25/2010
If I am GM I will definitly keep part ownership. Saab need Opel and Opel need Saab. Opel need $5 billion to restructure. Saab need Opel to provide engineerings. If Saab is partly sold, money comes free. Free money is the best thing for business. Than if Saab start earning, its benefit GM. It is business.
efinils2 says:
02:28 PM, 01/25/2010
adavis2493:
Absolutely agree, I think Hummer will end up being the automotive equivalent to cockroaches...
However, I am pleased to see that there is still light in the end of the tunnel for Saab, that 9-5 concept looked very appealing, so can't wait to see what they can do with the 9-3.
adavis2493 says:
12:43 PM, 01/25/2010
It will truly be sad if out of the three brands that got killed by GM, the worst was the only one to survive: Hummer.