Will Spyker Save Saab Yet?


Despite the news on Friday that General Motors will begin an orderly wind down of its Saab brand, releases from GM and Spyker indicate the companies haven’t lost all hope yet.

After GM and Spyker management decided no deal could be completed within GM’s set deadline, Spyker wrote a new offer. Victor R. Muller, Spyker CEO, said on Sunday that his company submitted a new proposal that addressed each of the issues found while investigating the potential Saab acquisition. Muller also said the new offer removed all of the obstacles standing in the way of a swift transaction.

“We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer,” said Muller. “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 31st.”

One of the main problems with Spyker’s old offer was that the small Dutch sports car maker called upon a European Investment Bank loan for some of the funds. It would have taken longer than the end of the year for Spyker to be approved for the loan, and that would have extended the sale of Saab past GM’s set deadline. By eliminating the EIB loan, Spyker and GM can finish the Saab transaction before the end of the year.

GM acknowledged Spyker’s new offer, but said it will not comment until after a final decision has been made. Spyker’s deal is valid until 5 p.m. today.

“Our company motto is nulla tenaci invia est via -- for the tenacious no road is impassable,” said Muller. “And we intend to remain true to that throughout these negotiations as we bid to secure Saab’s future and revive the company.”

Source: GM, Spyker

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