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Spyker the sole bidder for GM's Saab auto unit, claim sources

NEW YORK (Bloomberg) - Dutch supercar maker Spyker Cars NV is the lone remaining bidder being considered for General Motors Co.'s (GM) Saab Automobile unit, said two people close to the situation.

GM will probably decide whether to continue sale talks or liquidate Saab by today, said one of the people, who asked not to be identified because the details are not public.

Saab is among four brands, along with Pontiac, Saturn and Hummer, that the Detroit-based automaker is unloading to focus on Chevrolet, Buick, GMC and Cadillac in the US after its bankruptcy exit on July 10.

Spyker has offered GM $75 million in cash and $325 million in preferred shares in the new company that would emerge from the transaction, said two people. GM would also keep $100 million of Saab's existing liquidity, said the people. The details of the bid may change, two people said.

Spyker expects the purchase of Saab will be decided within a matter of days, Dutch newspaper AD reported, citing CEO Victor Muller.

"Discussions between Spyker and GM are ongoing," Spyker spokesman Mike Stainton said in an interview on Saturday. "I'm not aware that anything has changed in the last few days."

GM is considering bids for Saab while "we continue to wind down the company", Chris Preuss, a spokesman, said on Friday. He declined to comment on details of the bids, including how many were under consideration.

GM would sell to Spyker only on the condition that Russian businessman Vladimir Antonov, the chairman and biggest investor in the Zeewolde, Netherlands-based sports-car maker, exit the company, said one of the people. The other outstanding issue GM is evaluating is whether Saab has a future as a stand-alone company with sales volume of about 100,000 vehicles a year, the person said. Spyker spokesman Mr. Stainton said Mr. Antonov was not available for comment.