Spyker emerges as sole bidder for GM's Saab unit
Dutch supercar maker Spyker is now the only bidder left in talks to acquire Saab from General Motors, with a decision expected within days.
Spyker Cars NV has become the only remaining bidder being considered by General Motors for the acquisition of Saab Automobile, according to sources close to the negotiations. GM is expected to decide whether to proceed with the sale to Spyker or to begin liquidating Saab within days.
People familiar with the matter said Spyker's bid involves $75 million in cash and $325 million in preferred shares in the new company that would result from the transaction. GM would also retain $100 million of Saab’s existing liquidity. The terms of the offer could still change, according to the same sources.
Talks have been ongoing for weeks as GM seeks to offload Saab, one of four brands it is divesting following its 2009 bankruptcy. Pontiac, Saturn and Hummer are also being wound down or sold as the Detroit carmaker focuses on its core US operations: Chevrolet, Buick, GMC and Cadillac.
GM faces deadline on Saab decision
A decision on Saab’s future could come as soon as 18 January, according to people close to the process. Spyker chief executive Victor Muller told Dutch newspaper AD he expects a resolution within days. Both companies have confirmed that discussions are ongoing, but neither has commented on the specifics of the offer or whether any other bidders remain.
GM spokesman Chris Preuss said the company is still considering bids for Saab while continuing to wind down the business. He declined to discuss the number of bids or their details.
What a Spyker deal would mean for Saab
If successful, the acquisition would see the Dutch supercar maker take control of the Swedish marque, which has struggled for stability since GM’s bankruptcy. The proposed structure would give GM a financial stake in the new Saab entity while allowing Spyker to attempt a turnaround. The outcome will determine the future of Saab’s operations, workforce and dealer network.
- GM is considering whether to sell or liquidate Saab.
- Spyker’s bid is both cash and equity based.
- A decision is expected within days.
