GM’s campaign to sell its Swedish subsidiary Saab, has been narrowed to just one remaining bidder; Dutch sports car manufacturer Spyker Cars NV. GM has set a deadline of December 31 to either sell the Swedish company, or shut it down. Chairman and acting CEO of GM Ed Whitacre, Jr. has aid however that he feels a deal could very well be completed by year’s-end.
Whitacre also commented on GM’s deal to sell a majority stake in its China joint venture to partner SAIC Motor Corp., asserting that the deal was set in motion before he assumed the executive position.
GM’s restructuring is focused on divesting the company of Saab and Hummer, eliminating Pontiac and Saturn, and focusing intently on its remaining labels; Chevrolet, Cadillac, Buick, GMC.
GM has also recently reversed former CEO’ Fritz Henderson’s decision to sell a majority stake in Opel, instead opting to retain and restructure the European unit.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)