The Saab Brand Stays Alive... For Now
Despite General Motors' announcement that the Saab brand is dead, which must have brought a couple of Swedish tears, it seems the end is not quite finalised just as yet. Dutch supercar manufacturer Spyker, which had an official bid on the table before GM's sudden announcement, has made a last-ditch offer, days before December 31, the GM-set deadline for shutting down Saab.
GM sold parts of Saab to Beijing Automotive Industry Holding Co. (BAIC) for USD 197 million (RM 677 million) last week. However, according to GM, the Spyker deal requires far too much time just to complete the necessary due diligence. With the latest offer, which is only valid until 5pm EST on December 21, Spyker CEO Victor Muller hopes to address the relevant issues, with the aim of gaining access to Saab’s global dealer network, production facilities and R&D centers.
This is in spite of the fact that Spyker has not been profitable since a revamp in 2000, made worse by the current economic climate which makes accessing credit for the takeover hard. For now, stay tuned as the Saab saga reaches its climax!