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| Version 1 | Version 2 |
|---|---|
| Spyker shares soar on Saab offer | Spyker shares soar on Saab offer |
| (9 minutes later) | |
| Shares in the Dutch luxury car firm, Spyker, have soared after it renewed a bid for General Motor's Swedish car business Saab. | Shares in the Dutch luxury car firm, Spyker, have soared after it renewed a bid for General Motor's Swedish car business Saab. |
| By mid-morning Spyker shares were up 27% at 2.17 euros in Amsterdam. GM has until 1700 US Eastern time (2200 GMT) on Monday to respond to Spyker's bid. | By mid-morning Spyker shares were up 27% at 2.17 euros in Amsterdam. GM has until 1700 US Eastern time (2200 GMT) on Monday to respond to Spyker's bid. |
| Spyker's chief executive Victor Muller said on Sunday he was "very confident" his new offer would lead to a deal. | Spyker's chief executive Victor Muller said on Sunday he was "very confident" his new offer would lead to a deal. |
| GM says it is "evaluating" inquiries from several parties into Saab. | GM says it is "evaluating" inquiries from several parties into Saab. |
| The new offer follows GM's statement last Friday that it would start winding down Saab after initial talks with Spyker failed. | The new offer follows GM's statement last Friday that it would start winding down Saab after initial talks with Spyker failed. |
| SPYKER GROUP 133 employees 37 cars sold in 200823.8m euros ($34m; £21m) lost in 2008 3rd place for Snoras Spyker Squadron in 2009 Le Mans championship series Source: Spyker | |
| "We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," Mr Muller said. | "We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," Mr Muller said. |
| "We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM." | "We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM." |
| Worker frustration | Worker frustration |
| Spyker has submitted a new 11-point proposal to GM, addressing the issues that ended talks. | Spyker has submitted a new 11-point proposal to GM, addressing the issues that ended talks. |
| It is thought that the new offer does not include a loan from the European Investment Bank, which would allow the deal to go through quickly enough to meet the end of December deadline. | It is thought that the new offer does not include a loan from the European Investment Bank, which would allow the deal to go through quickly enough to meet the end of December deadline. |
| Spyker is partly owned by the Russian banking tycoon Vladimir Antonov. | Spyker is partly owned by the Russian banking tycoon Vladimir Antonov. |
| Sweden's unions have urged GM to consider the new offer. | Sweden's unions have urged GM to consider the new offer. |
| IF Metall chairman Stefan Loefven said: "I understand the frustration felt by everyone who is dependent on Saab, to be thrown between hope and despair is terrible. GM must now respond with a serious examination of the new bid." | IF Metall chairman Stefan Loefven said: "I understand the frustration felt by everyone who is dependent on Saab, to be thrown between hope and despair is terrible. GM must now respond with a serious examination of the new bid." |
| Saab employs 3,400 people in Sweden and GM has estimated that 8,000 people would suffer indirectly from its planned closure. | Saab employs 3,400 people in Sweden and GM has estimated that 8,000 people would suffer indirectly from its planned closure. |
| Last year, Saab lost 3bn kronor (£255m; $412m). It has not made a profit since 2001 and made up 1.1% of GM's global sales last year. | Last year, Saab lost 3bn kronor (£255m; $412m). It has not made a profit since 2001 and made up 1.1% of GM's global sales last year. |
| GM pledged to become a leaner company when it emerged from bankruptcy protection in July this year. It had been hit by a sharp slump in sales - partly because of the financial crisis, but also because of stiff competition from Japanese rivals. | GM pledged to become a leaner company when it emerged from bankruptcy protection in July this year. It had been hit by a sharp slump in sales - partly because of the financial crisis, but also because of stiff competition from Japanese rivals. |
| The company is now 62% owned by the US government. | The company is now 62% owned by the US government. |
| GM is planning to focus on its four core brands - Buick, Cadillac, Chevrolet and GMC - as well as its European business Opel. | GM is planning to focus on its four core brands - Buick, Cadillac, Chevrolet and GMC - as well as its European business Opel. |