GM Doesn't Like Saab Offers, Continues Saab's Closing Down

GM's attitude is somewhat uncanny in the Saab saga, especially if we're taking into account the fact that the US-based manufacturer received several bids for the Swedish unit. At the 2010 North American International Auto Show, GM Chairman Ed Whitacre said the process continues and, although he has received several offers for Saab, none of them can be considered financially viable.

"We're closing down Saab," he said at the show according to Reuters. "We're winding it down."

Additionally, Bob Lutz, GM Vice Chairman, said the offers the company has received for Saab are no good and emphasized that General Motors will continue its winding down intentions.

"The offers we've received so far in terms of risk and financing up-front have been just as good as winding it down," Lutz told reporters. "We're listening," he added, explaining that GM is willing to negotiate if any bidder comes forward with a new proposal.

"For years GM has been procrastinating when it comes to Saab," Lutz said. "I'm glad to see that for once GM is sticking with a decision to wind something down."

Curiously, Bernie Ecclestone and European investment company Genii Capital are close to raising the necessary money for a potential deal. Swedish daily newspaper Dagens Industri said in a report that both Ecclestone and Genii Capital would be able to raise 500 million to 1 billion crowns ($90 million to $180 million) that would be paid for Saab.

Still, there's no word from General Motors but more details are likely to emerge soon as the involved parties are still negotiating on the Swedish unit.