General Motors Co. and Spyker Cars NV officials met in Stockholm on January 22 to review a potential sale of GM's Saab unit as the parties near an agreement, according to media reports citing to people familiar with the matter.
GM considers Spyker's $500 million offer of cash and preferred shares in the new Saab to be adequate, while the companies negotiate terms including those related to production plans. A deal may still fall through, the people said.
An agreement, which may be announced as early as next week, hinges on the Swedish government agreeing to guarantee a euro 400 million, or $566 million, loan from the European Investment Bank for the Swedish carmaker, said the people. GM also insists that Russian businessman Vladimir Antonov, the chairman and biggest investor in the Zeewolde, Netherlands-based sports-car maker, exit the company, the people said.
Spyker, led by Chief Executive Officer Victor Muller, has offered GM about $75 million in cash and $325 million in preferred shares in the company that would emerge from the transaction, the people said last week. GM would get $100 million of Saab's existing liquidity, said the people.
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