Spyker makes last minute bid for Saab

Friday 08 January 2010

The General Motors board is set to meet on Friday to consider last minute offers for Swedish car maker Saab, including one from Dutch luxury car maker Spyker.

Spyker, which has had at least one earlier bid rejected by GM, submitted its offer at the last minute.

'We believe in the possibilities the Saab brand offers and hope to reach an agreement as soon as possible,' Spyker CEO Victor Muller told Nos tv.

He told the Financieele Dagblad he expects to hear from GM at the beginning of next week. Muller declined to comment on the financial aspects of the latest offer or the involvement of two major Spyker shareholders, Russian businessman Vladimir Antonov (30%) and Abu Dhabi investment fund Mubadala (23%).

But according to the Financial Times, people close to negotiations are pessimistic about the prospects of a deal. GM's boss Ed Whitacre said the group expected to start winding down Saab this week and that none of the potential bidders had properly explained how they plan to finance the takeover.

© DutchNews.nl

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