GM said its board had received expressions of interest in the lossmaking
Swedish brand since the collapse of a bid by Sweden’s Koenigsegg group last
week, which it would evaluate between now and the end of December.

“At that time, we will determine whether a suitable arrangement for Saab
exists,” GM said in a statement. “If not, we will then begin an orderly wind
down of the global Saab business.”

CEO
GM, which is now in the process of trying to find a new chief executive, said
it would not confirm or comment on any of the potential bidders.

Sweden said it was too early to say if Saab would survive. Maud Olofsson, the
country’s enterprise minister, said she was glad the government had got GM
to look over other possible buyers. “We have won a little time,” she said.

Saab’s survival came into question last week after a bid led by Koenigsegg,
the Swedish maker of supercars, fell apart after tensions with its Chinese
bidding partner BAIC and problems securing a Swedish government guarantee
for a €400m ($604m) European Investment Bank loan needed to close the deal.

The brand, headquartered in Trollhattan, north of Gothenburg, employs about
3,400 people and has about 1,100 dealers.

GM said it would sell or wind down Saab in February as part of a restructuring
plan mandated by the US government, which became its majority owner July,
under which it is scaling back its operations to focus on four core brands.

The deal agreed in principle with Koenigsegg in June revived hope that GM
could save the brand, whose sales have plummeted over the past year due to
its ageing model portfolio and doubts about its future.

59 percent drop
Saab sold fewer than 24,000 cars in Europe in January to October, a 59 per
cent drop on a year ago. It sold fewer than 100,000 worldwide last year.

At the Frankfurt auto show in September Saab unveiled a new version of its 9-5
executive car, the first of several new models it was planning.

General Motors bought 50 per cent of Saab in 1990 when it split from the
aviation and defence group of the same name, and gained majority control in
2000. The Detroit carmaker failed to make a profit on the operation during
two decades of ownership.

A group of Wyoming-based investors headed by Merbanco, a merchant bank, have
reconfirmed their interest in Saab since Koenigsegg’s bid fell apart.

BAIC has held talks on acquiring production equipment for the outgoing model
of the 9-5, and representatives of the company were in Trollhattan this week.

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