Spyker Cars nears outcome in pursuit of GM’s Saab unit as talks progress

City A.M. Reporter
Dutch luxury car maker Spyker Cars yesterday said it is nearing an outcome in its talks to buy Saab from General Motors, although it gave no indication as to how the talks were going.

Spyker chief executive Victor Muller told Reuters via a text message that it was “likely” that it was now in exclusive talks with GM.

General Motors, which lost $88bn between 2005 and 2008 was bailed out by the US government in return for a pledge to restructure. It is cutting capacity in Europe by a fifth, and shedding 8,300 jobs.

GM had nominated two wind-down supervisors for Saab last week, but at the same said it was considering several bids for the company, effectively keeping the future of the iconic Swedish carmaker hanging in the balance.

Muller said that talks with GM were ongoing and the “outcome will be clear very soon”, adding later that news could come in the next few days.

Although Muller warned the “outcome is still unpredictable” in its 11th-hour effort to save the Swedish marque, there are indications that Spyker could be further along in its negotiations with GM than its rival bidders.

Spyker Cars is battling against another Swedish bid from investment firm Genii Capital, which is in turn backed by Formula One mogul Bernie Ecclestone.