Production
Bloomberg Reports: Saab Buyers Narrowed To Spyker, Renco & BAIC
December 2nd, 2009, 4:00pm by Ryan - 1 Comments
Bloomberg Reports that Saab Buyers have been narrowed down to Spyker, Renco & BAIC
GM Said to Narrow Saab Options to Up to Three Bidders (Update1)
Share Business ExchangeTwitterFacebook| Email | Print | A A ABy Jeff Green, Serena Saitto and Ola Kinnander
Dec. 2 (Bloomberg) — General Motors Co. has narrowed its options for the Saab unit to as many as three bidders, according to two people familiar with the matter.
GM is considering proposals by Spyker Cars NV and Renco Group Inc., with Renco less likely to gain consideration, said the people, who asked not to be identified because the discussions are private. Merbanco Inc. is out of the race, they said. GM is still weighing a sale of certain Saab assets to Beijing Automotive Industry Holding Co. and unwinding the rest of the company, they said.
The Detroit automaker is trying to shed the unit after Koenigsegg Group AB backed out of a purchase agreement last week. The disposal of Saab as well as Saturn, Hummer and Pontiac brands was part of GM’s plan to return to profit after a $50 billion U.S.-backed bankruptcy from which it emerged July 10. GM said yesterday it will review bids for Saab and decide by the end of the month whether to sell or shut the Swedish unit.
Spyker, the Dutch maker of $235,000 sports cars, is seeking to buy Saab in a partnership with RMC Convers Group Holding Ltd, which is Spyker’s biggest owner, Spyker Chief Executive Officer Victor Muller said in a telephone interview today.
“It’s heartbreaking to see a company like Saab going down — Saab is a beautiful brand,†Muller said by telephone from Los Angeles, where he is attending the auto show. “I can confirm that we have an interest in Saab together with Convers.â€
Spyker climbed as much as 36.5 cents, or 23 percent, to 1.95 euros, the steepest increase since Jan. 30, and traded at 1.86 euros as of 4:07 p.m. in Amsterdam.
To contact the reporters on this story: Jeff Green in Southfield, Michigan, at Jgreen16@bloomberg.net; Serena Saitto in New York at ssaitto@bloomberg.net; Ola Kinnander in Stockholm at okinnander@bloomberg.net.
Categories: 2000-2009
1 Comments
Is it a good sign that Spyker’s stock increased after announcing interest in Saab? Hope so. Still, I wish Merbanco had been successful.
Write a comment