Home News
Report: GM to Close Saab
Friday, 18 December 2009 11:20

After "issues" arose during due diligence in Dutch automaker Spyker's bid to buy Saab, General Motors announced today that they have decided to shutter the brand for good. The NY Times and other news outlets are reporting that no other buyers will be considered.

Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. -- Nick Reilly, President of GM Europe, on 2009-12-18

GM will continue to honor warranties for all Saab cars, and will continue to make parts available for the near future.

BAIC Reaches Deal with Saab
Monday, 14 December 2009 11:18

Major news outlets are reporting that BAIC and General Motors have come to an agreement for the acquisition of Saab technology involving the present (outgoing) 9-3 and 9-5 models. But far from signaling a liquidation of Saab, the deal is actually expected to solidify the prospects for the brand's continuation. A report in Automotive News noted:

Saab believes that a deal to sell some key assets to Beijing Automotive Industry Holdings Co. will help secure the money-losing automaker's future. "The money will finance the new Saab and contribute to a good start under new ownership," Saab spokeswoman Gunilla Gustavs said without revealing financial details of the deal.

BAIC will own all technologies and tooling related to the "old" 9-5, and will also obtain minimal technology related to the 9-3 model, according to sources mentioned in the linked article above.


Jan-Willem Vester, 1958-2009
Tuesday, 08 December 2009 12:00

An official memorial site has been established for Jan-Willem Vester here. In lieu of flowers, the family asks for donations to the Vester Family Trust, and the address is on the site. Just click on the "Donations" link in the menu to the right once you're there.

Another Supercar Maker Bids for Saab?
Wednesday, 02 December 2009 01:19

According to an article in Automotive News, Dutch supercar manufacturer Spkyer has submitted a bid to GM to buy Saab outright.

Dutch sports car maker Spyker Cars NV and its Russian owner, Converse Bank, on Monday submitted a bid to buy Saab, according to a source familiar with the matter.

The source said said Spyker submitted a written bid to Deutsche Bank seeking to buy all of Saab from GM. The source declined to reveal the amount of the bid.

Spyker currently makes sports cars priced above $200,000. Also, GM's plans for the brand, such as a new 9-4X crossover, “look extremely viable” to Spyker's management, the source said.

Swade over at SaabsUnited received a note from Christopher Johnston, CEO of Wyoming-based private investment firm Merbanco Merchant Banking, indicating that Merbanco is out of the bidding, leaving Spyker, BAIC and Renco in the "known bidders" column. Johnston had been on the record as being extremely interested in purchasing Saab, and had spoken enthusiastically about Saab's future.

"We were disappointed to learn we were not invited to move forward in our efforts for Saab," Johnston said in an email to Reuters.

GM Statement Regarding Saab Negotiations
Tuesday, 01 December 2009 15:13

DETROIT – The GM Board of Directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB. The Board will evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind down of the global Saab business at that time.

Due to non-disclosure agreements, we will not confirm or comment on any potential transactions or other matters unless, and until, we determine that disclosure is appropriate.

<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Page 10 of 12