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Old 3rd June 2009
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Default GM reportedly whittles down to a pair of Saab suitors

Filed under: Government/Legal, GM, Saab, Earnings/Financials



When General Motors first put Swedish automaker Saab on the auction block, it was reported that there were nearly 20 interested parties. From there, rumors quickly began circulating that Saab and parent-company General Motors had narrowed down the potential list of bidders first to a half-dozen, and more recently, to just three final suitors. One of those interested parties was reportedly Italian automaker Fiat, but that rumor has since been denied by both Fiat and Saab.

If local Swedish newspapers are to be believed, final negotiations with the remaining two parties are at hand. The two rival bidders are thought to be fellow Swedish automaker Koenigsegg and Renco Group, an investment group based here in the United States. Speaking in an interview with Swedish daily Dagens Industri, Saab chief executive Jan-Ake Jonsson said:
"Now we are negotiating with just two parties. This can go fast now and should absolutely be wrapped up in a maximum of two weeks."
Here's hoping that a suitable buyer emerges from the final two potential suitors in short order - the last thing GM needs at the moment is a protracted sale of its Swedish former subsidiary.

[Source: Reuters]And Then There Were Two: GM reportedly whittles down to a pair of Saab suitors originally appeared on Autoblog on Wed, 03 Jun 2009 18:30:00 EST. Please see our terms for use of feeds.



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