George S. May Business Blog

Saab may be sold in the near future — Spyker CEO has “big announcement”

It is being reported by various sources that the never ending saga surrounding Saab may be coming to a close in the near future.

The latest deal on the table is one where Spyker will give General Motors $75 million but allow GM to keep $100 million in Saab liquidity.  GM is also supposed to receive $325 million in preferred shares of Spyker-owned Saab.

But if no announcement has been made that the deal has been agreed upon, why are rumors suddenly swirling that it is in fact a done deal?

First of all, reports are that Swedish news sources have been quoting Spyker CEO Victor Muller as saying that a “big announcement” is coming later today. 

Secondly, and this is the big one, Netherlands’ securities agency has suspended the trading of Spyker shares, which is generally the trend before a “big announcement” is made.

If Spyker and GM are unsuccessful in coming to an agreement, look for Formula One head, Bernie Ecclestone, to make another go at swooping in. I hate to be the bearer of bad news, but either way it is unlikely that the hoopla surrounding the whole deal will end at any time in the near future.

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