Saab To Shut Down After GM Decides Not To Accept Spyker Bid
Even though General Motors made a deal with Beijing Automotive Industry Holding earlier this month, the Detroit based automotive company will shut down Saab, a Sweden based subsidiary. The decision was finalized even though Spyker made a renewed bid for Saab.
“Saab’s board had a short meeting yesterday. GM representatives were on the phone from the US. And the discussions were entirely about the shutting down Saab — not about the new bid,” stated Svenska Dagbladet (SVD). “The word (at the meeting) was to shut down Saab and that is what we have started working on.” Shutting down the brand could take several years. Sweden Enterprise Minister Maud Olofsson said that they plan to help Saab’s employees by providing them with public funding of 542 million kronor ($72 million).This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry