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GM evaluating inquiries into Saab

21 December 2009 14:37 (UTC +04:00)

Bakuâ€“ APA-Economics. General Motors says it is "evaluating" inquiries from several parties into its Swedish car business Saab, BBC reports.
Dutch firm Spyker renewed an offer for the firm on Sunday. GM has until 1700 US Eastern time (2200 GMT) on Monday to respond to the bid.
It follows GM’s statement last Friday that it would start winding down Saab after initial talks with Spyker failed.
Spyker’s chief executive Victor Muller said he was "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," Mr Muller said.
"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.
It is thought that the new offer does not include a loan from the European Investment Bank which would allow the deal to go through quick enough to meet the end of December deadline.
Sweden’s unions have urged GM to consider the new offer.
IF Metall chairman Stefan Loefven said: " I understand the frustration felt by everyone who is dependent on Saab, to be thrown between hope and despair is terrible. GM must now respond with a serious examination of the new bid."
Saab employs 3,400 people in Sweden and GM has estimated that 8,000 people would suffer indirectly from its planned closure.
Last year, Saab lost 3bn kronor (Â£255m; $412m). It has not made a profit since 2001 and made up 1.1% of GM’s global sales last year.
GM pledged to become a leaner company when it emerged from bankruptcy protection in July this year. It had been hit by a sharp slump in sales - partly because of the financial crisis, but also because of stiff competition from Japanese rivals.
The company is now 62% owned by the US government.
GM is planning to focus on its four core brands - Buick, Cadillac, Chevrolet and GMC - as well as its European business Opel.