Spyker Cars renews offer for GM's Saab

 @ibtimes on December 20 2009 10:32 AM

Dutch luxury carmarker Spyker Cars NV submitted a new offer to fast-track a buyout of Saab from General Motors, two days after last-ditch talks to rescue the Swedish manufacturer collapsed.

GM said on Friday it would start shutting down the loss-making firm after talks with Spyker ended. The move to abandon the 60-year-old Swedish auto brand would eliminate 3,400 jobs in Sweden and drop 1,100 Saab dealers.

But Spyker said on Sunday it has submitted a renewed offer including an 11-point proposal addressing each of the issues that arose during the due diligence process.

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, Spyker Cars Chief Executive Victor Muller said in a statement.

GM Europe was not immediately available for comment.

Spyker Cars said the new offer eliminates the need for a European Investment Bank (EIB) loan approval prior to year end, which would allow the deal to be concluded within GM's deadline.

Muller added Spyker was confident the offer would remove the impasse and allow it to conclude the deal prior to the expiry of the deadline originally set by GM of December 31.

The renewed offer is valid until 5:00 p.m. EST on Monday December 21.

A Spyker Cars spokesman declined to comment on the financing of the deal or the due diligence issues that arose.

The primary backers of Spyker Cars -- which last year sold 43 cars at prices of at least 200,000 euros ($287,800) --include Russian banking tycoon Vladimir Antonov and his Convers Group, which has almost a 30 percent stake in the firm.

Jeroen Willard, an analyst at Dutch brokerage AEK, has said that for Spyker -- which has struggled for years -- to finance the deal it would likely issue shares to its Russian backers.

Spyker Cars said if a deal could be agreed, Saab would provide it a global distribution network, production facilities and solid engineering, sourcing and R&D, while Saab would receive financial backing to compete as a global brand.

(Editing by John Stonestreet; editing by John Stonestreet)

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