Spyker and General Motors decided today that the intended sale of Saab Automobile AB will not be concluded. During the due diligence, certain issues arose that both parties believe cannot be resolved prior to the expiry of the deadline set by GM (i.e. 31 December 2009). As a result, GM will start an orderly wind-down of Saab operations.
Victor Muller: “We sincerely regret that we are not able to complete this transaction with GM. We worked 24/7 for three weeks, but the complexity of the transaction in combination with the strict deadline simply did not allow us to complete the transaction timely. Our thoughts are with the wonderful management and employees of Saab in these challenging times”.
Nick Reilly, GM’s president for its European operations, said it had become clear that the talks with Spyker could not reach a deal under those terms.
“Despite the best efforts of all involved, it has become very clear that the due diligence to complete this complex transaction could not be executed in a reasonable time,” Reilly said. “In order to maintain operations, Saab needed a quick resolution.”
Reilly said discussions with Spyker and representatives of the Swedish government had continued until Friday morning.
He declined to detail the issues during due diligence discussions with Spyker that convinced both sides a deal could not be closed.
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