UPDATE 2-Genii, Spyker woo GM over Saab bids

Tue Jan 12, 2010 12:06pm EST

* Genii Capital working on sweetened bid for Saab

* Genii to contact GM advisor, plans statement later

* Spyker CEO says in talks "to come to terms" with GM

* GM says bids so far not financially viable

(Adds Spyker, GM comment)

STOCKHOLM/AMSTERDAM, Jan 12 (Reuters) - Genii Capital and Spyker Cars on Tuesday tried to persuade General Motors [GM.UL] that their bids for its Swedish carmaker Saab make financial sense.

General Motors says none of the bids received so far met the financial requirement for a deal and on Tuesday appointed wind-down supervisors to take control of the ailing firm immediately. [ID:nN11159168]

But it also reiterated it would continue to consider offers for Saab.

Luxembourg-based Genii and Formula One mogul Bernie Ecclestone, Dutch luxury carmaker Spyker and a group of Swedish investors submitted bids last week. [ID:nLDE60616C]

"Genii hopes to improve its bid so that it becomes more attractive for GM," Lars Carlstrom, who is coordinating a joint bid for Saab from Genii and Ecclestone, told Reuters.

"One has to sweeten it to be a part of the bidding, that's the message we've received (from GM)."

Carlstrom said Genii planned to contact GM advisor Deutsche Bank on Tuesday and would make a statement during the day.

Spyker Chief Executive Victor Muller said he was in a "constructive dialogue" with GM about its Saab offer.

"We are in full dialogue to come to terms with one another," Muller said. He declined to say whether Spyker was improving its bid.

Swedish State Secretary Joran Hagglund, who visited GM in Detroit in the past week, said on Monday he saw a small chance GM will choose to sell Saab rathern than close it down. [ID:nWEN8237] (Reporting by Jens Hansegard, Nick Vinocur and Gilbert Kreijger; Editing by David Holmes and David Cowell)

Related Quotes and News

Company
Price
Related News
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
kennc wrote:
Met Financial Requirements, are you kidding me? It seems that $50.00 and a note saying I’ll try real hard should do it. Is GM out of their minds? Who’s money are you playing with? Wait thats right mine the tax payer. I would like to put my foot straight in their hind quarters. Enough!!!! Sell Saab and do it now. Who are you to have any requirements? You have made a mess of everything you have touched. You had an electric car already and crushed everyone of them, and now you come up with this half ***** Volt model, and are blowing your horns like you have done something. Where is the Government on this crap your pulling? The Swedish Government should be talking with Obama not you idiots. If it’s left up to you you’re going to screw the pooch. Sweeten the deal I can’t belive this. What GM needs is a sweet kick, to smarten them up. I read that GM is planning on asking for more money in 2010, WOW this is too much. Where is Uncle Sam, who is watching you dumb *****. Just put everyone out of work. You are just a pack of egotistical idiots, of the worse kind. I will never buy another GM product again, and I don’t care if you do the right thing now and sell Saab or not. You’re a bunch of jerks playing with peoples lives. You should be ashamed, but I know you’re too stupid to think you’re wrong.

Jan 12, 2010 12:53pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.