Thursday, January 21, 2010

GM to Entertain New Offers for SAAB

General Motors is still on the lookout for a new owner for its Saab unit, the company confirmed on Tuesday. The Detroit automaker said that the firm's Board of Directors have received "expressions of interest" from a suite of buyers for its Saab unit after the termination of negotiations with the 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," General Motors said in a prepared statement to the press.

While GM did not disclose or confirm any names, media reports claim that potential suitors for Saab include China's Beijing Automotive, which had previously agreed to buy a stake in Koenigsegg, and Holland's Spyker Cars - yes, that's the same unprofitable company that decided to move production from The Netherlands to the UK and fire a third of its staff...

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