Saab: The end.
19/12/09 15:20 Filed in: News
A short statement from Spyker
signals the end of the road for Saab. The formerly General
Motors-owned Swedish manufacturer is now expected to close its
doors after 71 years.
In February, Saab moved to establish its independence from troubled GM empire. After the deal with Swedish supercar maker, Koenigsegg fell through, there was hope that the supercar company Spyker would take the company over. But a simple statement issued yesterday signalled what looks like the end of the road for Saab.
The halcyon days: A Saab 96 on the Swedish Rally
The statement says: “Spyker and General Motors ("GM") decided today that the intended sale of Saab Automobile AB will not be concluded.
“During the due diligence, certain issues arose that both parties believe cannot be resolved prior to the expiry of the deadline set by GM (i.e. 31 December 2009). As a result, GM will start an orderly wind-down of Saab operations.”
Victor Muller of Spyker added: “We sincerely regret that we are not able to complete this transaction with GM. We worked 24/7 for three weeks, but the complexity of the transaction in combination with the strict deadline simply did not allow us to complete the transaction timely. Our thoughts are with the wonderful management and employees of Saab in these challenging times".
Footnote: On Sunday, December 20 reports came of a revised offer from Spyker and some news media hinted that there might be other offers. Meanwhile the Swedish Government were reported as confirming they would not get involved in a state-backed rescue. Watch this space!
In February, Saab moved to establish its independence from troubled GM empire. After the deal with Swedish supercar maker, Koenigsegg fell through, there was hope that the supercar company Spyker would take the company over. But a simple statement issued yesterday signalled what looks like the end of the road for Saab.
The halcyon days: A Saab 96 on the Swedish Rally
The statement says: “Spyker and General Motors ("GM") decided today that the intended sale of Saab Automobile AB will not be concluded.
“During the due diligence, certain issues arose that both parties believe cannot be resolved prior to the expiry of the deadline set by GM (i.e. 31 December 2009). As a result, GM will start an orderly wind-down of Saab operations.”
Victor Muller of Spyker added: “We sincerely regret that we are not able to complete this transaction with GM. We worked 24/7 for three weeks, but the complexity of the transaction in combination with the strict deadline simply did not allow us to complete the transaction timely. Our thoughts are with the wonderful management and employees of Saab in these challenging times".
Footnote: On Sunday, December 20 reports came of a revised offer from Spyker and some news media hinted that there might be other offers. Meanwhile the Swedish Government were reported as confirming they would not get involved in a state-backed rescue. Watch this space!