Saab Story May Not Be Over as Spyker Renews Bid
Spyker's revised proposal still honors the Dec. 31 deadline set by GM by eliminating the need for a European Investment Bank loan approval and has the full backing of Saab management.
GM declined comment on Spyker's offer or on those of any other bidders. "We will evaluate each inquiry," GM said in an e-mailed statement to BusinessWeek magazine, without identifying the parties that made offers. "We will not comment further until these evaluations have been completed."
Abandoning Saab would result in the loss of 3,400 jobs in Sweden and affect 1,100 dealers.
GM To Focus on Four "Core" Brands
Spyker emerged as the latest suitor for Saab after followed last month's collapse of a bid by Swedish luxury car maker Koenigsegg Group to buy the 72-year-old automaker.
GM began its search to sell the brand, long known for its quirky character, nearly a year ago as part of an effort become "a leaner organization." The Detroit-based automaker is focusing its efforts and resources on four "core" brands -- Chevrolet, Buick, Cadillac and GMC -- which it believes are its strongest.
If Spyker's latest offer is rejected, it's nearly certain GM will shutter the brand. Saab would then join a growing list of GM makes that have been canceled in recent years, beginning with Oldsmobile in 2004. Earlier this year, GM decided to kill Pontiac, which has been part of the parent company's portfolio since 1926. In September, a plan to sell GM's Saturn brand to Penske Automotive Group (PAG) fell apart. GM is currently in the process of winding down Saturn.