GM given more time for decision

STAFF/WIRE REPORT

Spyker Cars, a niche automaker based in the Netherlands, is giving General Motors Co. more time to consider selling it the Saab brand, keeping the fate of the Swedish automaker up in the air.

Spyker had previously given GM until 5 p.m. EST Monday to consider its latest offer, but Spyker said it has extended that deadline until further notice. Spyker submitted its latest offer on Sunday, just days after talks with GM to buy Saab collapsed over unspecified issues.

Armando Spano, a Canfield Saab dealer, said he thinks the two parties will reach a deal. He said he heard there were just too many details to be worked out Monday.

His dealership, Armando’s, will remain open no matter what happens to Saab, he said. He carries both the Saab and Porsche lines.

Spano said has focused more on his used cars sales as the recession has taken a bit out of demand for new cars.

This year, he has sold only 37 Saabs, compared with 120 to 150 in a normal year. He has sold 55 Porsches, compared with 70 in a good year.

Spyker is the latest suitor looking to buy Saab. Earlier this year, GM had been in negotiations with a consortium of buyers led by Koenigsegg Automotive AB, but the Swedish sports car maker dropped out of the deal in November.

Spyker manufactures a small number of exotic sports cars that fetch $200,000 or more. Last year, the company produced just 43 vehicles and lost $24.8 million euros ($35.5 million).

The Detroit automaker said Sunday that it had received inquiries from “several parties” after its announcement that it would close Saab. The company said it will evaluate each. A GM spokesman declined to comment further on Monday.

Saab employs about 3,400 people worldwide, most of whom work at its main plant in Trollhattan, Sweden. The brand also has some 1,100 dealers.

GM bought a 50 percent stake and management control of Saab for $600 million in 1989 and gained full ownership in 2000 for $125 million more.

On Monday, Swedish government officials were holding emergency meetings with unions and local authorities to prepare for the closure the Trollhattan plant.