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Saab workers protest GM closure signals

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Saab workers protest GM closure signals

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Thousands of Saab workers have demonstrated outside their factory in Trollhattan, Sweden as General Motors sent the clearest signals yet that it intends to shut down the carmaker.

At the Detroit motor show, GM’s Chairman and acting Chief Executive Ed Whitacre said: “We’re closing down Saab.”

GM executives have said none of the interested parties has made an offer that’s sufficiently financially attractive to justify a sale.

After holding meetings at GM’s headquarters in Detroit, Joran Hagglund, Sweden’s state secretary for industry, admitted an eleventh-hour deal to save Saab is unlikely.

On GM’s orders, wind-down supervisors have already taken over the running of the company from Saab’s chief executive and board of directors.

The Dutch luxury carmaker Spyker, which is one potential buyer, said it remained hopeful a deal could be reached.

And the Luxembourg-based investment firm Genii Capital, which is in partnership with Formula One mogul Bernie Ecclestone, said it was working to improve its offer for Saab.