UPDATE 1-China's BAIC to make statement on Saab at 0400 GMT

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Sun Dec 13, 2009 10:01pm EST

* BAIC to issue statement on Saab around noon

* BAIC said to buy IP, equipment of Saab 9-5, 9-3 models

* Spyker says still in talks with GM to buy Saab (Adds Spyker CEO's comments on interest for Saab)

SHANGHAI, Dec 14 (Reuters) - Beijing Automotive Industry Holding Corp (BAIC), China's fifth largest automaker, will issue a statement around noon Beijing time (0400 GMT) on Monday regarding General Motors' [GM.UL] Saab unit, a spokeswoman said, following a news report it had reached a tentative deal to acquire some Saab assets.

The Wall Street Journal reported that under the agreement BAIC would take over intellectual property for Saab's 9-5 and 9-3 sedans and the equipment to make the models.

Luxury car maker Spyker (SPYKR.AS) and its Russian shareholder Convers Group, partly owned by Russian banking tycoon Vladimir Antonov, had also expressed an interested in Saab. [ID:GEE581028]

Its CEO Victor Muller said shortly after the news report that the Dutch sports-car maker, was still in talks to buy Saab.[ID:nLDE58C05Q]

He said a deal with BAIC would be "good news" for the Dutch company, because it involved assets that he described as equipment for old Saab models.

Saab spokesman Eric Geers said he was confident that a buyer for the whole of Saab Automobile would be found.

BAIC executives had said recently they are not interested in taking over the entire operation of Saab, based in Trollhattan, Sweden.

Sources told Reuters last week BAIC, with a 20 billion yuan ($2.93 billion) line of credit from the Bank of China (601988.SS)(3988.HK), and had been in talks to buy some Saab assets, including tooling and technology.

The automaker, a Daimler AG <DAIGn.DE > and Hyundai Motor (005380.KS) partner, does not have its own car brand. ($1=6.828 Yuan) (Reporting by Fang Yan and Edmund Klamann; Editing by Jacqueline Wong)

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Comments (2)
moses83 wrote:
why again did we give GM a frickin bailout? in your response be prepared to discuss Hummer, Chrysler and Saab.

Dec 14, 2009 12:18am EST  --  Report as abuse
Falcon1 wrote:
Spyker, now that is more funny than Koenigsegg! What is GM thinking with these supercar makers? What happened to the legitimate bidders?

Spyker has never made money.

Spyker has never made an acquisition of this scale.

Spyker has never managed a manufacturing company of this scale.

Spyker has never managed a distribution company of this scale.

Spyker can’t turn around its own company,let alone SAAB.

This is not Ed Whitacre’s finest hour. Why not sell SAAB to professionals? Shame on GM!

Dec 14, 2009 12:13pm EST  --  Report as abuse
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