| Not The End For Saab? | ||
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(Sun 20 Dec 09) Two days after General Motors and Dutch sports car manufacturer Spyker jointly announced that the sale of Saab by the former to the latter would not go ahead, and that Saab would therefore be wound down, Spyker has reported that it has made a renewed offer to take over the Swedish manufacturer.
The original talks broke down on Friday because of eleven problems which emerged during the due diligence process, and Spyker says that the new offer addresses all of them. The details are not being discussed publicly, of course, but Spyker CEO Victor Muller has said that this time round there is no need to gain approval for a loan from the European Investment Bank by GM's original deadline of December 31. "We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday," he says, "and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM." Spyker has, however, set its own deadline, saying that the new offer is valid until 5pm Eastern Standard Time (10pm GMT) on Monday 21 December. |
