General Motors Receives Second Offer from Spyker for Saab

Monday 21 December 2009, 00:00 AM by Satish Kalepu

Swedish brand of cars, Saab, is currently owned by General Motors who has decided to shut down its operations after its talks with Dutch luxury car maker Spyker had collapsed. Spyker has submitted a revised offer for Saab in a last-ditch effort to save one of Europe's best known brands. It has put a deadline of 5 pm Monday for the renewed offer to be accepted by General Motors. Spyker has submitted a new 11-point proposal that it claims addresses each of the sticking points that arose during the due diligence process.

"Despite our collective eleventh-hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management,” said Victor Muller, Spyker Chief Executive.

If Spyker’s offer is not accepted by General Motors, it would mean the company will wind up Saab brand. General Motors also stated that it was looking for buyers to buy some parts of the company. Since the company is not being put under administration nor it is filing bankruptcy the company expects Saab to satisfy its debts and wind down production in an orderly manner. Saab has failed to turn a profit since 2001.

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