Category: GM

GM have given notice that the wind down process of Saab, first announced late last year, has commenced. Consulting firm AlixPartners have been chosen by GM to act as wind down supervisors.

A statement released by GM reads, “The wind down process is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected. As stated previously, Saab customers can be assured that warranties will continue to be honored and that service and spare parts will continue to be available.”

However, Spyker still holds out some home that they can save Saab from extinction. Victor Muller, CEO of Spyker Cars said yesterday, “We have continued a constructive dialogue with GM over the acquisition of Saab. We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible.”

As expected GM received a number of offers for Saab by their 7 January deadline. GM’s statement says these will be considered independently of the wind down process, “GM also confirmed that it has received several proposals for Saab and is continuing to evaluate these proposals. This evaluation is not affected by the appointment of AlixPartners.”

Set me free, why don’t you babe. Get out my life, why don’t you babe. ‘Cause you don’t really love me. You just keep me hangin’ on. You don’t really need me. But you keep me hangin’ on…

Yep, you guessed it, despite yet another deadline passing and a reported four bids received there is still noone behind the wheel at Saab. It is understood GM is allowing an extra 24 hours for Spyker to secure funding to finalise their latest offer for the Swedish car brand.

Other interest is reported to have come from Genii Capital, for those playing at home you may remember these are the same guys that forked out some cash to keep Renault F1 afloat. Now, if you’re really paying attention you’ll know it was Koenigsegg that kicked off this whole Saab buying malarkey. Supposedly, Genii’s bid is effectively the Koenigsegg bid in new clothing. Although, this deal gets more intriguing when you realise the Genii in the bottle is none other than F1 supremo Bernie Ecclestone. That’s right, Bernie is part of the Genii Capital bid for Saab.

A Genii spokesman reckons Saab are ripe for the picking and can’t understand why people aren’t banging down the door at GM with wads of cash, “It is a true opportunity and we’re surprised that more investors haven’t identified this opportunity,” he added, “Saab is a strong brand on the same level as Porsche and BMW.”

Unidentified bids from two Swedish business groups are also expected to be lodged with GM.

For their part GM just wants to get over Saab and start afresh. “Just show up with the money and you can have it [Saab], but nobody’s showing up with the money,” says GM CEO Ed Whitacre. Maybe the readers of AUSmotive can help Ed come to a conclusion—Kim Wilde or The Supremes?

[Source: Autocar & SaabsUnited]

You may remember from yesterday that Spyker put a deadline on their latest offer to buy Saab from GM. It now appears that deadline was as flexible as a Saab convertible.

The Dutch manufacturer has just issued a brief comment stating, “Spyker has been in contact with GM today, and continues to develop its proposal for the purchase of Saab. Spyker has extended the validity of its proposal therefore until further notice.”

Since announcing they would be winding down Saab’s operations GM has received new interest from parties ready to take on the Swedish manufacturer. Dutch sports car maker Spyker was the last company to have a serious crack at buying Saab and while GM has already knocked them back once, they have launched a new bid.

Spyker’s chief executive Victor Muller claims his company’s new offer resolves the issues raised by GM late last week, “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.

“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.”

For their part General Motors have released a brief statement stating, “Following Friday’s announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. We will not comment further until these evaluations have been completed.”

More news as it comes to hand.

Update: Full statement from Spyker added below.