Report: GM May Announce Saab Sale To Spyker This Week

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Saab may yet fend off relegation to the same scrap heap as Pontiac and Saturn as latest reports indicate that an announcement on the sale of the struggling Swedish automaker may come as early as this week, possibly even later today.

Despite already being knocked back, Dutch sports car manufacturer Spyker remains in negotiations with GM and has reportedly offered the American auto giant a combination of cash and preferred shares in a new Saab worth $500 million.

There are even reports of a Spyker vehicle being delivered to the Saab museum in Trollhattan, Sweden as part of the lead up to a celebratory announcement.

One of the biggest hurdles for Spyker is the fate of a loan guarantee promised by the Swedish National Debt Office. However, should the deal fall through, another investment group led up Genii Capital is waiting in the wings.

According to insiders at Spyker, the Dutch sports car manufacturer is looking to gain access to Saab’s global dealer network, production facilities and R&D centers while offering financial backing in return. However, Spyker hasn't turned a profit since the brand was rejuvenated back in 2000 and still relies on financing to support itself, so the chances of a Saab acquisition in this economic climate appear slim.

Stay tuned for an update.

[Automotive News, sub req’d]

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