Breaking: Spyker Only Remaining Bidder for Saab

Breaking: Spyker Only Remaining Bidder for Saab

Dutch exotic car maker Spyker is likely to become the new owner of Swedish automaker Saab after GM Chairman and CEO Ed Whitacre confirmed there are no other bidders. Earlier this week GM reached a deal with Beijing Auto to sell off old Saab assets so the Chinese company could produce previous generation Saab models in its home market.

The deal left two companies (Renco and Spyker) vying for ownership of Saab, but now it appears GM has just one interested party.

Whitacre did say that he though a deal could be reached by the end of the year – which GM had set up as a self-imposed deadline to sell-off its loss-making Saab unit. A company spokesman has, however, said that GM would be willing to bankroll Saab for a short period past the deadline if a deal looked possible.

If an agreement between General Motors and Spyker can’t be made, Whitacre did say that GM would close Saab. That is unlikely, as GM is almost certain to gain more by selling Saab in its current state as an active automobile manufacturer.

[Source: Automotive News]