Report: GM and Spyker make progress on Saab deal
By Andrew C., 27 Aug, 2010. 0 Comments
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Negotiations in Stockholm last Friday may have gone smoothly as General Motors Co. is now reportedly inching towards a revived deal to sell the Saab brand to Spyker Cars NV, according to a Spyker executive and another source. In a text message, Spyker CEO Victor Muller told Reuters that he was "still confident" of reaching a deal to buy Saab. The second source said that what the latest round of talks had accomplished was to open up GM to the possibility that Spyker's offer for Saab would be better for GM than ending the brand. By Monday, we should already see the resolution to the latest discussion between GM and Spyker, said the unnamed source. The terms of the proposed deal have yet to be disclosed. A Bloomberg report divulges however that Spyker had offered GM a combination of cash and preferred shares in a new Saab worth $500 million. The two parties are believed to continue to negotiate on other aspects of the deal, including production plans. [via autonews]
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