Spyker remains the only bidder for Saab

Article by Christian A., on August 27, 2010

Only luxury car maker Spyker Cars NV remains in the running to have the opportunity to purchase the Saab brand from General Motors Co.

GM Chairman and acting CEO Ed Whitacre told reporters last Tuesday in a discussion held at its Detroit headquarters that he thinks it is possible for the deal to be completed by the end of the month. GM had said that if a deal isn't entered by month's end that it will choose to wind down Saab.

Last November, Koenigsegg Group AB backed out of a deal to purchase Saab and it left GM scrambling for a new buyer.

Whitacre had become CEO on Dec. 1 and this was his first full question-and-answer session since he took on the job.

Whitacre disclosed that GM's deal to sell a majority stake in its China joint venture to partner SAIC Motor Corp. was decided before he became CEO.

He said that he had met with SAIC's CEO in Detroit last week and got reassurances that the nature of the partnership would not change. In North America, GM is putting all of its attention to its Chevrolet, Cadillac, Buick and GMC brands.

GM had decided to do a massive restructuring of its operations and that meant that Saab, Hummer, Saturn and Pontiac brands would be divested or eliminated. [via autonews]

Topics: spyker, saab

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