October 25, 2014

Spyker Saab deal back on?

Victor Muller of Spyker has submiited a revised offer to GM for Spyker

Victor Muller of Spyker has submiited a revised offer to GM for Spyker

Spyker boss Victor Muller has submitted a new offer to GM for Saab addressing every issue that was causing the deal to fail

It’s all of 48 hours since we had a press release from both GM and Spyker saying that they couldn’t reach agreement on the sale of Saab to Spyker and all bets were off. GM said that as a result they would be winding Saab down and the marque would die.

All very sad, we have to say. But also a little odd. Our esteemed leader (it’s Christmas bonus time!) was having a conversation with a friend on Friday morning on this very subject. And the friend in question knows Victor Muller – Spyker boss – very well and had in fact been chatting to him just before the conversation with John. Victor was very bullish and felt that the deal was very doable. Which is the story we were about to do when the press releases from Spyker and GM came in.

Which all begs the question  – Was the announcement on Friday that Saab is to be wound down posturing by one side or the other? It now seems likely that someone was being a trifle intransigent – or playing who has the biggest cojones –  at  as we’ve just had an email in from Spyker which seems to say the deal is back on and going to happen – or at least it can from Spyker’s side.

Victor Muller has said that Spyker submitted an eleven point proposal to GM today addressing every one of the issues that arose during the due diligence process for the Saab deal. Victor said:

“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.

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 of December 31st”, said Victor.

“Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management. The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM’s deadline. Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand”, he added.

He went on to say, “Our company motto is nulla tenaci invia est via – for the tenacious no road is impassable. And we intend to remain true to that throughout these negotiations as we bid to secure Saab’s future and revive the company.”

. The offer is valid until 5pm tomorrow (21st December). Get out of that one, GM

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