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Report: GM May Announce Saab Sale To Spyker This Week

 
13 9,412 views January 25, 2010

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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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Comments (13)

  1. By  gift ideas Posted: 11/26/2009 7:14pm PST

    The 3 years Platinum spent dealing with Delphi was for the Steering business.All of a sudden they get a garge sale price on the rest of Delphi due to GM controlling the whole show. (or the government) Looks pretty shady.
     
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  2. By btlh2oguy Posted: 11/26/2009 8:01pm PST

    The Opel Deal gets axed & now the Saab Deal fails. The Car Czar needs to do some investigating.
    I wonder if Penske might be interested?
     
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  3. By bepsf Posted: 12/2/2009 10:37am PST

    I don't Spyker being any more sucessful than Konigsegg, tho I hope I'm proven wrong.
     
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  4. By bagged2drag Posted: 12/2/2009 2:59pm PST

    I think I've seen these exact same comments once before. hmmm. Anything more intellectually challenging to say?
     
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  5. By eric Posted: 12/10/2009 7:02pm PST

    I don't believe Spyker has the capability to turn around Saab even if GM sells it for free. Look at the failure of MG/Rover after BMW unloaded it to the Phoenix of four for 10 pounds.
     
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  6. By NoNameDenton Posted: 12/10/2009 9:21pm PST

    Much as I hope this deal does not end up like the Konigsegg deal, I have a feeling that Saab is not long for this world.
     
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  7. By  motorbike sales Posted: 12/20/2009 10:35pm PST

    Despite today's announcement of the sale of several key Saab assets to China's Beijing Automotive Industry Holding Co., Dutch sports car manufacturer Spyker is still in negotiations with General Motors to buy the struggling Swedish automaker. GM is holding open the possibility that Saab might
     
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  8. By bepsf Posted: 12/20/2009 10:59pm PST

    It's clear to me that GM doesn't really want to sell any of their brands - otherwise they would have simply made it happen.
     
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  9. By NoNameDenton Posted: 12/21/2009 12:13am PST

    bepsf Penske killed the Saturn sale, not GM. Opel however was all GM's fault for not being sold, they backed out so fast it gave everyone whiplash.
     
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  10. By  Woody T Posted: 12/21/2009 8:19am PST

    Go Spyker, Go!
    Keep SAAB alive since Swedish culture went down the drain.
     
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  11. fb_100000275684479 avatar Michael Escobar Posted: 12/21/2009 3:50pm PST

    How is a company that hasn't ever turned a profit going to turn around an even bigger failing company? Who is dumb enough to finance them in this economy? Still some of the most beautiful cars ever made (Spyker not SAAB, barring the Peking to Paris SUV).
     
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  12. By dan aka 64chevyman Posted: 1/25/2010 6:21am PST

    GM could not get Saab over the hump to compete with German/Japan rivals however they now are the benefit of a fine engineered world platform. The hope is that this company gets it right and uses the US network to create a niche of fun to drive cars the look cool and have aircraft accents! Sounds challenging but not impossible! GM on the other hand must offer a car for the masses a better looking compact and a GTO only lighter and with high performance 4 and 6 speed at a low price!
     
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  13. By  Laser Cutting Posted: 1/26/2010 12:23am PST

    There are many UK manufacturing companies that work for Spyker. If the takeover of Saab goes through it will be interesting to see if there are more opportunities for these companies to work for Saab.
     
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