GM Considering Saab Offers Until End of December

It has taken a back seat with all the news coming out today (Fritz Henderson's resignation dominating) but a good piece of news for Saab enthusiasts came out today.

Last week, General Motors' deal with Koenigsegg for purchase of Saab fell apart, with the fear that it would join Magna International's failed purchase of Opel and the deal that fell through with Penske Group and Saturn. GM quickly made it known they would evaluate their options, and today they have released a statement that offers a glimpse of hope.

"The GM Board of Directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB. The Board will evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind down of the global Saab business at that time.

Due to non-disclosure agreements, we will not confirm or comment on any potential transactions or other matters unless, and until, we determine that disclosure is appropriate."

Those "expressions of interest" are rumored to be from China's BAIC (who was part of the Koenigsegg deal) and U.S-investment firm Merbanco. The latter seems to be the best fit for Saab, judging by an interview with its CEO.

It is likeliest that GM would want to go with Merbanco if they can as well, due to intellectual property reasons, but the criteria isn't clear. Saab is far from out of the woods yet, but at least there is a chance, unlike the immediate announcement of closure after Penske Group's Saturn purchase fell through. More than any other brand, those of us at CarThrottle are pulling for Saab - they really need to stick around the automotive scene.