Dutch sportscar maker Spyker said on Tuesday talks on its bid to purchase Saab from General Motors were proceeding well but negotiations could still “go either way”.
“Negotiations are ongoing and the spirit is positive, but we are very, very tired,” Spyker chief executive Victor Muller told Reuters in Stockholm where he is holding talks.
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“It is such a complicated transaction. It’s not for no reason it has taken so long. It is extremely technical,” he said. “It can go either way, but you can rest assured we are doing everything to close the deal.”
Meanwhile, Bloomberg News, citing “a person familiar with the negotiations” reported GM was close to announcing a deal.
An announcement might be made as early as late afternoon in Sweden after an agreement was final, the anonymous source said.
GM spokesman Tom Wilkinson declined to comment to Bloomberg while Spyker spokesman Mike Stainton said negotiations with GM were still ongoing.
GM has started start winding down Saab, though it restarted production earlier this month, saying it would consider offers in the meantime and this sparked a frantic scramble to get new bids in, with Spyker heading the pack.
Analysts previously have been pessimistic about the chances of doing a deal, Reuters noted. Some have questioned GM’s willingness to sell technology that could compete with its own models. Others have focused on the short timeframe for buyers to organise funding and prepare a business plan. That was last night cited by Genii Capital as it ended its bid.
Spyker, meanwhile, has had to update its bid several times and it remains unclear whether this sole remaining bidder has been able to meet all GM’s demands.
Dutch financial authorities announced at 13:45CET that trading in Spyker shares was suspended, without giving a reason, although this is sometimes done before a company announcement during trading hours.
