We have some news to report about the on-again-off-again saga that surrounds the fate of Saab. The Swedish government has suspended trading of Spyker shares, which we’re told usually happens before a big announcement is made. We’re also hearing reports that Swedish news channels are quoting Spyker chief Victor Muller as saying an announcement will definitely be made later today.
From what we can gather, the deal on the table is that Spyker will give current owner General Motors $75 million while allowing the U.S. automaker to retain $100 million in Saab liquidity. GM will also reportedly get $325 million in preferred shares of Spyker-owned Saab.
Regardless of what’s announced, we’re hoping this circus comes to an end soon. That probably won’t happen. If the Spyker deal doesn’t happen, the Genii group led by Formula One boss Bernie Ecclestone will bid for the Swedish luxury brand again, according to reports, despite having withdrawn its bid on Monday.
Stay tuned, as one way or another we’ll have news concerning Saab’s future later today.
[Source: Autocar, WhatCar?, SaabsUnited | Image: David McNew/Getty]
Report: Sweden suspends Spyker share trading, Saab deal may be announced later today originally appeared on Autoblog on Tue, 26 Jan 2010 10:40:00 EST. Please see our terms for use of feeds.