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Auto industry

Final Chance for Saab Bids

Published torsdag 7 januari 2010 kl 20.31

With only hours left until the end of General Motor’s deadline to accept bids for Saab, it was still unclear late Thursday evening (Swedish time) what will happen to GM’s ailing Swedish brand. News agency TT quotes GM Europe spokesperson Stefan Weinmann as saying that the auto giant is still open for new takeover bids. But according to Weinmann it is not likely that GM will react instantly to the offers made. GM will continue with its two-parallel-strategy – the proceeding with the process of winding down the Swedish brand as well as the evaluation of new bids, Weinmann added.

There was frenzied activity on Thursday as several prospective buyers came forward. Dutch sportscarmaker Spyker said it would be submitting a third bid to buy Saab, while a new name in the frame came in the form of Luxembourg based investment company Genii capital. According to news agency TT, Genii capital has met with the Swedish government and told of its plans.

Saab's main factory in Sweden employs 3,400 with many more jobs in the south west of the country dependant on the company which began in Sweden 60 years ago.

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