General Motors Co. is prepared to wait beyond the end of this week before deciding on the future of the Saab brand as it reviews remaining bids, according to Paul Aakerlund, a board member at the Swedish carmaker.
GM told Saab last week that it would wind down the unit and simultaneously continue talks with bidders about a sale, said Aakerlund, who also heads the IF Metall union at Saab. Negotiations to sell Saab to Spyker Cars NV collapsed Dec. 18 and Spyker Chief Executive Officer Victor Muller blamed the failed deal partly on a "strict deadline" for an agreement by Dec. 31. The Dutch carmaker submitted a new offer on Dec. 20.
"It's our understanding that if there's a bid that GM finds sufficiently interesting, then the 31st of December is not a date that's holy," Aakerlund said in a phone interview today.
Some 3,500 Saab jobs are at risk, along with thousands of positions among suppliers to the automotive industry in Sweden. Two attempts to sell the 72-year-old brand failed in the past five weeks and since then GM has said it received inquiries from "several parties." The brand is among four being sold or shut as GM focuses on Chevrolet, Buick, GMC and Cadillac after its July 10 bankruptcy exit.
GM's position hasn't changed since its Dec. 18 statement, Chris Preuss, a company spokesman in Detroit, said yesterday. "We are winding down Saab and talking with interested parties as part of that process. We will not comment further," he said in an e-mail.
Merbanco, Spyker
Talks with GM are now focusing on two suitors: Merbanco Inc., the Wyoming-based group that revised its bid after bringing in Swedish investors, and Zeewolde, Netherlands-based Spyker, according to two people familiar with the matter who asked not to be identified because the discussions are private.
