Late offer could save Saab brand

General Motors says it is “evaluating” inquiries from several parties into its Swedish car business Saab, despite previously suggesting the marque was to close.

Dutch firm Spyker has renewed an offer for the firm and GM now has until 10pm tonight to respond to the bid.

On Friday (18 December) General Motors said it would fold the Saab brand after it failed to sell the Swedish marque and confirmed it would begin “an orderly wind-down of Saab operations”.

However, Spyker’s chief executive Victor Muller has now said he is “very confident” his new offer would lead to a deal.

“We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer,” he says.

He adds: “We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM.”

Spyker has submitted a new 11-point proposal to GM, addressing the issues that ended talks. The primary backers of the Spyker bid include the Russian banking tycoon Vladimir Antonov and his Convers Group. Sweden’s unions have urged GM to consider the new offer.

Saab employs 3,400 people in Sweden and GM has estimated that 8,000 people would suffer indirectly from its planned closure. It is unclear how marketing roles and agencies could be affected if the brand does fold.

Two weeks ago, Saab sold components of its business to China’s Beijing Automotive Industry Holdings (BAIC). That deal will not be affected by the latest announcement.

GM says its focus will remain on its four core brands – Buick, Cadillac, Chevrolet and GMC – as well as its European business Opel/Vauxhall.

Vauxhall is to return to TV screens for the first time since parent company General Motors retracted its intention to sell the marque. The ad will break on Boxing Day.

Recommended

Knowledge Bank

Comments

    Leave a comment

    Close

    Discover even more as a subscriber

    This article is available for subscribers only.

    Sign up now for your access-all-areas pass.

    If you're an existing paid print subscriber find out how to get access here.

    Subscribers enjoy unlimited access to unrivalled coverage of the biggest issues in marketing, alongside practical advice from the digital experts at Econsultancy.

    With a subscription to Marketing Week Premium you will get full access to:

    > World-renowned columnists

    > Analysis & case studies

    > Exclusive leading-edge insight

    > Carefully curated reports & briefings from Econsultancy

    > Plus, much more including a £300 discount for the Festival of Marketing

    Subscribe now

    Got a question?

    Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

    If you are looking for our Jobs site, please click here

    Subscribers enjoy unlimited access to unrivalled coverage of the biggest issues in marketing, alongside practical advice from the digital experts at Econsultancy.

    With a subscription to Marketing Week Premium you will get full access to:

    > World-renowned columnists

    > Analysis & case studies

    > Exclusive leading-edge insight

    > Carefully curated reports & briefings from Econsultancy

    > Plus, much more including a £300 discount for the Festival of Marketing

    Subscribe now