EU approves Swedish guarantee for loan to Saab (AFP)

Brussels approves Swedish government guarantee that will allow Saab to access a €400m loan from the European Investment Bank under Europe’s state aid rules

Sweden will guarantee a 400 million euro (563 million dollar) loan Swedish carmaker Saab requested from the European Investment Bank, Enterprise Minister Maud Olofsson said Tuesday, following GM's confirmation of Saab's sale to Spyker.

Swedish government officials and unions were to hold crisis talks on Saab's fate on Monday, as analysts expressed doubts about Dutch sportscar maker Spyker's renewed bid for GM's loss-making unit Saab.The meeting was to be held just hours before Spyker's new bid expired at 2200 GMT on Monday."We have to try every possibility to save Saab," Swedish Enterprise Minister Maud Olofsson told Swedish radio a few hours before the meeting, adding however that she was skeptical about Spyker's chances of succeeding in saving Saab.

Swedish government officials and unions held crisis talks on Saab's fate on Monday as analysts expressed doubts about a renewed bid by Dutch sportscar maker Spyker for GM's loss-making unit Saab.The meeting took place just hours before Spyker's new bid was to expire at 2200 GMT on Monday."We have to try every possibility to save Saab," Swedish Enterprise Minister Maud Olofsson told Swedish radio a few hours before the meeting, adding however that she was sceptical about Spyker's chances of succeeding in saving Saab.

Swedish government officials and unions held crisis talks on Saab's fate on Monday as analysts expressed doubts about a renewed bid by Dutch sportscar maker Spyker for GM's loss-making unit Saab.The meeting took place just hours before Spyker's new bid was to expire at 2200 GMT on Monday."We have to try every possibility to save Saab," Swedish Enterprise Minister Maud Olofsson told Swedish radio a few hours before the meeting, adding however that she was sceptical about Spyker's chances of succeeding in saving Saab.

Abandoned by US carmaker General Motors, Saab is still looking for a rescue plan, the Swedish government having also refused to help the company, despite impending bankruptcy. Saab will now try to obtain a loan from the European Investment Bank.

US auto giant General Motors will not consider Dutch sportscar maker Spyker's renewed bid for Saab and is planning to shut down the Swedish brand, a Swedish newspaper reported Thursday."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," wrote daily Svenska Dagbladet (SVD).GM announced last week it would wind down its loss-making Swedish unit Saab after breaking off sales talks with Spyker.

Saab said Monday it was hopeful about its future after Dutch company Spyker removed the deadline for US automaker General Motors to respond to its new bid for the loss-making Swedish brand."It is important for us that there is a continuing dialogue between interested (buyers) and GM. We can still hope as to what the conclusion will be," Saab Automobile spokesman Eric Geers told Swedish news agency TT.