From Bloomberg:
General Motors Co. may be set to announce that talks have fallen through to sell the Saab unit to Spyker Cars NV, two people familiar with the matter said.
The deal ran into problems when GM realized it might not be able to complete the due diligence for the sale before the Dec. 31 deadline set by the automaker’s board, a person familiar with the discussions said.
Is that meaning that GM might not be able to do their own due diligence in time? They set the deadline!
Hmmmm. First Victor Muller says that neither Spyker nor GM would be the cause of any delay, and now GM say they can’t get their due diligence done in time???
Whisky Tango Foxtrot?
I wrote earlier in the week that this is one big chess game (OK, poker if you prefer). This is another move by someone as part of that game. The problem is we can’t be sure who just yet.
Spyker have had a lot of dirt flung at them. Maybe GM know that some of that dirt will stick and that they can’t get through it in time.
Maybe there are other options open to them.
And maybe the Swedish government just can’t/won’t put themselves in bed with Spyker given the cloudy skies over that particular horizon.
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The big question now is whether or not this delicate situation will mean an extended deadline, or something else.
It’s 12.35am here. That’s something that you might have to report on.
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I’m getting messages through from Djup Strupe that the saga, i.e. Saab’s sale, may be over (and not in a good way) and that a press release may be forthcoming soon.
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