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Spyker shares leap on Saab talk | Spyker shares leap on Saab talk |
(about 3 hours later) | |
Shares in the small Dutch luxury car maker, Spyker, have risen by 60% amid new suggestions it will reach a deal with General Motors (GM) to buy Saab. | |
Last month GM said it had begun the process of winding down Saab, but would continue to try to look for a buyer. | Last month GM said it had begun the process of winding down Saab, but would continue to try to look for a buyer. |
Victor Muller, Spyker's chief executive recently said he was "still confident" of signing a deal. | |
Spyker sold 43 cars in 2008 when it posted a loss of $35m (£21m). Its first offer to GM for Saab was rejected. | Spyker sold 43 cars in 2008 when it posted a loss of $35m (£21m). Its first offer to GM for Saab was rejected. |
Six-year-old Spyker, which sold another 23 cars in the first half of 2009, has yet to make a profit. | Six-year-old Spyker, which sold another 23 cars in the first half of 2009, has yet to make a profit. |
Its shares were trading at 3.42 euros on the Euronext Exchange in Amsterdam on afternoon trading on Monday. | |
Negotiations continue | Negotiations continue |
Money for a deal to buy Saab could come from Spyker's largest shareholder, Russia's Conversbank Financial Group, or other shareholders. | Money for a deal to buy Saab could come from Spyker's largest shareholder, Russia's Conversbank Financial Group, or other shareholders. |
It would also be likely to involve a large loan from the European Investment Bank, backed by the government of Sweden. | It would also be likely to involve a large loan from the European Investment Bank, backed by the government of Sweden. |
Spyker spokesman Mike Stainton said on Monday that reports of a deal were "speculation", but that the negotiations were continuing. | Spyker spokesman Mike Stainton said on Monday that reports of a deal were "speculation", but that the negotiations were continuing. |
GM has begun the process of shutting Saab down, though its 3,400 workers in Sweden have not yet been laid off. | GM has begun the process of shutting Saab down, though its 3,400 workers in Sweden have not yet been laid off. |
Another bid has come from a group including Formula One boss Bernie Ecclestone and Luxembourg-based private investment company Genii Capital. | Another bid has come from a group including Formula One boss Bernie Ecclestone and Luxembourg-based private investment company Genii Capital. |
Swedish union IF Metall, which has a representative on Saab's board, has criticised GM's decision to start the liquidation process while still continuing to explore a sale. | Swedish union IF Metall, which has a representative on Saab's board, has criticised GM's decision to start the liquidation process while still continuing to explore a sale. |
Protracted sale | Protracted sale |
GM has been trying to sell Saab since January last year. | GM has been trying to sell Saab since January last year. |
In June, GM announced that it had agreed to sell it to sports carmaker Koenigsegg, only for the Swedish company to pull out of the deal in November. | In June, GM announced that it had agreed to sell it to sports carmaker Koenigsegg, only for the Swedish company to pull out of the deal in November. |
Saab lost 3bn kronor (£255m; $412m) in 2008, and it has not made a profit since 2001. | Saab lost 3bn kronor (£255m; $412m) in 2008, and it has not made a profit since 2001. |
Founded in 1937, Saab was bought by GM in 1989. | Founded in 1937, Saab was bought by GM in 1989. |
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