DETROIT General Motors Co has held advanced talks with Spyker Cars for the sale of its Swedish brand Saab but is proceeding with plans to wind down the unit, GM Chief Executive Ed Whitacre said on Monday.
"Obviously there have been advanced talks with Spyker cars to acquire Saab. However, we do not have a deal to announce this morning," Whitacre said at a news conference at GM's headquarters in Detroit. "If and when that changes, we will let you know."
At the same event where he announced that he would stay on as permanent CEO of GM, Whitacre declined to take further questions on the potential sale of the ailing Saab brand which GM has been attempting to sell for the past year.
"As of today we have not changed our direction on the wind-down of the operation," Whitacre said.
Spyker Cars said on Monday its talks with GM over a potential deal to buy Saab would have to be wrapped up soon. Speculation about a last-ditch deal for Saab earlier sent Spyker shares to a 12-month high.
Spyker shares rose almost 77 percent in Amsterdam trading to 3.8 euros.
Earlier, Spyker said that talks with GM were ongoing.
"Spyker confirms that talks are ongoing, the outcome of which is still uncertain. As Saab is currently in liquidation talks must end soon," Spyker said in a statement.
(Reporting by David Bailey and Kevin Krolicki, editing by Matthew Lewis)