The Spyker D8. Will Spyker have more success buying Saab than bringing the D8 to market?
It’s being reported that Spyker has submitted a bid to buy Saab and that Merbanco has pulled out of negotiations.
Blimey, it gets more bizarre all the time.
On the face of it the bid by Koenigsegg for Saab seemed like a big stretch for a small – although successful – supercar maker. When we got the detail it made far more sense as Koenigsegg had significant backing to bring the deal off. But that deal fell apart – in part we believe because of GM’s concerns over Koenigsegg’s partner in the bid – China’s BAIC – getting access to GM technology – and last week Koenigsegg withdrew its offer for Saab.
But there was still hope for Saab as Merbanco were still in play and BAIC – despite the technology concerns – were said to be preparing a bid. However, Merbanco has announced they have pulled out of talks with GM, but now comes new that Spyker – who recently announced a switch of production to CPP Manufacturing – has put in a bid for Saab. This is the same Spyker that hasn’t been able to make more than a car a week for as long as they’ve existed and which, as far as we know, has never turned a profit.
On the face of it this is a strange twist. But there is more sense if you look deeper. Spyker has recently been put on a stable financial footing with backing from Russia’s Convers Bank. So the funding can probably be acquired. But whether GM can live with its technology getting in to Russian hands is another matter.
So it’s starting to look as if GM have three options with Saab. Sell it to the Russians. Sell it to the Chinese or close it down.
Rock and a hard place spring to mind.
