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Spyker makes a new offer for Saab; General Motors will evaluate

Sun, 20 Dec 2009 00:00:00 -0800

Spyker Cars said Sunday it had submitted a new offer for the Saab brand.

Spyker CEO Victor Muller said an 11-point proposal had been handed to General Motors addressing each of the issues that arose during due diligence after the Dutch company originally bid for Saab.

Muller said the new offer would remove the obstacles that were standing in the way of a swift sale of Saab to Spyker.

In a statement released Sunday morning, GM said: "Following Friday's announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry."

GM said it would not make further comments until the evaluations have been completed.

GM decided to close Saab after the collapse of last-ditch talks to sell the money-losing Swedish brand to Spyker, a small sports car builder.

"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," Muller said in a statement.

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 of Dec. 31."

He said the new offer eliminates the need for a European Investment Bank loan approval before the year end, 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 honored to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world," Muller said.

Spyker had said its offer is valid until 5 p.m. Eastern on Dec. 21, but now said it's been extended.

"It is open-ended. It has been extended until further notice," Muller said, according to Reuters.

By Paul McVeigh- Automotive News Europe