ZEEWOLDE, Netherlands/DETROIT — Dutch sports-carmaker Spyker said on Thursday that is has submitted a revised offer to General Motors to acquire the Saab brand. But on Friday, GM confirmed it has hired a "wind-down supervisor" to shut down the Swedish brand.
"We have continued a constructive dialogue with GM over the acquisition of Saab," said Victor Muller, CEO of Spyker Cars, in a statement posted on the Spyker Web site. "We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible."
He did not reveal terms of the new bid.
But GM, in the meantime, seems to be intent on winding down Saab. It said on Friday that it has selected AlixPartners to "supervise the orderly wind-down of Saab." "The use of a wind-down supervisor is a commonly used process in Sweden and works in the interest of the shareholder," GM said in a statement.
It said the wind-down process "is expected to take several months." GM's Friday update on Saab also confirmed that it "has received several proposals for Saab and is continuing to evaluate these proposals." It noted that "this evaluation is not affected by the appointment of AlixPartners."
European media were buzzing with speculation about other possible bidders for Saab, including Formula 1 tycoon Bernie Ecclestone. Bloomberg reported that Ecclestone has teamed up with Luxembourg-based private equity group Genii Capital. The Financial Times said two other potential bidders were putting together offers.
On Wednesday, GM Chairman and CEO Ed Whitacre said that he is "not confident" that Saab will be rescued in the 11th hour. When asked what could be done to save Saab, Whitacre said: "Just show up with the money and you can have it. Nobody's come with the money. We're in the wind-down mode."
Inside Line says: The Saab soap opera continues, with no firm resolution at this point. — Anita Lienert, Correspondent
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atenza94546 says:
09:14 PM, 01/11/2010
GM want to sell Saab at a Premium so they can have a 1st quater profit into their book. It all about making profit for themselves. So even GM doesn't sell much cars they can still have a profit to their so call share holder the US Gov't.
firstclass says:
02:25 PM, 01/09/2010
thanks for the red pen.
orbit9090 says:
09:29 AM, 01/09/2010
firstclass: "their" is a possessive adjective. "they're" is the contraction for "they are".
Anyway, it seems clear GM does not want SAAB to survive, or they wouldn't have turned down the many offers.
If I am going to throw away an old, broken TV, and my neighbor says, "Hey bud, I'll give you two bucks for that old, broken TV!" I would say "Great! Give me my two bucks and I'll even let you lug the heavy thing out of my house." Good deal.
Therefore, it really seems clear that GM does not want SAAB to survive, or they wouldn't have turned down the many offers.
zip_1802 says:
08:56 AM, 01/09/2010
Let's see, if Saab survives, then it remains a competitor for GM, especially in Europe.
Since GM has changed their mind and wants to revive/keep Opel/Vauxall, then there's a conflict of interest there.
firstclass says:
02:27 PM, 01/08/2010
any bid is better than no bid. I cant assume much of anything but I do know that GM is prepared to simply cut their losses and sever Saab from their company. (imo) I'm simply implying that am offer has been presented and reformed from Spyker many times. Can GM do nothing to work out a deal? I'm pretty sure if the Swedish government was involved they'd have to issue some sort of an address to their tax payers.
throwback says:
01:41 PM, 01/08/2010
first-class, I assume you have seen Spyker's bid? How much are they offering? Is their financing solid, or dependent on loan guarantees from the Swedish government? Does their bid protect GM's IP such as the new Epsilon platform the 9-5 is built on? To assume they or any other bidder has met GM's conditions is silly since no bids have been publicized nor has GM's conditions for the sale been publicized. I do hope Saab gets sold, as a fan I would love to see what someone committed to the brand can do.
firstclass says:
12:18 PM, 01/08/2010
How many times will Spyker throw GM a rope? I guess GM will never grab it because their completely blind. GM CEO on Saab: "Nobody's Come With the Money" I wonder how many people at GM walk around with dog cr@p on the shoes but pretend it's not there. I'm surprised Spyker wants to do business with such incompetence.