General Motors Co. set a Dec. 31 deadline for itself to decide whether it will latch on to a bid for Saab or just shut it down. From now until the end of the month, GM will be considering numerous bids for the money-losing Swedish brand.
GM declined to reveal who the bidders were but it is speculated that Dutch super sports carmaker Spyker Cars NV and its Russian owner, Converse Bank, are among those that have submitted a bid to buy Saab.
GM said that if it is unable to find a "suitable arrangement" for Saab by then, it "will begin an orderly wind down" of the business. A source has revealed that Spyker had filed a written bid last Monday to purchase all of Saab from GM.
The amount of the bid is undisclosed. Spyker reportedly finds Saab appealing due to its strong image. The source said that Spyker considers GM's plans, which include a new 9-4X crossover, to be "extremely viable."
Spyker is believed to be likely to benefit through shared technology and parts. Last Tuesday, the GM board met to discuss the fate of Saab after a deal with the Koenigsegg Group failed to prosper.
According to Bloomberg News, GM is also considering the sale of parts of Saab to Beijing Automotive Industry Holding Co. and closing the brand.
A source said that in that scenario, Spyker would likely withdraw its bid since suppliers would leave and the dealerships would fall apart, letting customers lose confidence in the brand. [via autonews]