Spyker close to Saab deal?

25 January 2010

Share price jumps
Deal said to be close
Negotiations continue

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Shares in Dutch car maker Spyker have seen big gains after suggestions it is close to securing a deal to buy Saab from General Motors (GM).

GM said in December that it was to 'wind down' Saab after failing to find a buyer, however, Spyker's boss, Victor Muller, said he was 'confident' of sealing the deal.

Cash to finance the deal could come from Spyker's main financial backer, Conversbank Financial Group of Russia. It is also likely that a substantial loan would be secured from the European Investment Bank, and backed by the Sweden's Government.

Spyker spokesman Mike Stainton said that reports of a deal were 'speculation', but he did confirm that negotiations were ongoing.

GM has also received rival bids for Saab from a group of investors led by Formula One boss Bernie Ecclestone.