Swedish Media Report Final Three Bidders For Saab Automobile Are Koenigsegg, Fiat & Renco Group

Posted on 29. May, 2009 by in 2000-2009


The Swedish media via Reuters now report the final three bidders for Saab Automobile.

These final bidders are apparently Italy’s Fiat, Sweden’s Koenigsegg & the Power Circle Investment Group along with the Norwegian Government & U.S. Based Investment Company, The Renco Group.

I find it weird that Fiat is here especially since they were reportedly never one of the original three bidders. Secondly, I also find it strange that the Chinese (Geely & BAIC), are now off their list.

Lastly, I see not Ripplewood, but Renco, the other one of two U.S. Investment companies, this one however, has the worst environmental track record in recorded history.

I am hoping that option number 1, takes the crown as owner of Saab Automobile as they are entirely Scandinavian and work in the automotive business, as number 2 had their chance twenty years ago to counter offer GM and are too big now, and Renco has no business in the automotive industry and has the worst environmental record, creating a PR nightmare for Saab Automobile.

Here’s the piece from Reuters below:

STOCKHOLM (Reuters) – Swedish luxury automaker Koenigsegg is among the remaining suitors of General Motors’ (GM.N) loss-making unit Saab Automobile, a Swedish business daily reported on Thursday, citing undisclosed sources.

The other front-runner for Saab, which was granted protection from creditors earlier this year, is U.S. financier Ira Rennert and his Renco Group, Dagens Industri reported on its website.

The third remaining suitor is Italian carmaker Fiat (FIA.MI), which is also in the running to take over another of GM’s European units, Germany’s Opel, the paper added.

Saab has said it has narrowed down a list of suitors to three and hopes to have a deal concluded in the coming weeks after its U.S. parent, which is facing bankruptcy, said earlier this year it would cut loose the brand by year-end.

“According to sources close to GM the toughest battle is expected between U.S. billionaire Ira Rennert and Swedish carmaker Koenigsegg,” Dagens Industri said.

The newspaper also reported that Koenigsegg, which is part-owned by the Koenigsegg family, was lining up financing for the purchase among a group of “very wealthy people.”

The paper said the Swedish luxury carmaker’s chief executive, Christian von Koenigsegg, had declined to confirm or deny the report. Saab is seen being granted an extension of its protection from creditors by a local Swedish court on Friday.

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No Responses to “Swedish Media Report Final Three Bidders For Saab Automobile Are Koenigsegg, Fiat & Renco Group”

  1. Smith

    29. May, 2009

    I also pray that Koenigsegg will take over SAAB. Thank you for keeping us informed!

    Reply to this comment
  2. anonymous

    29. May, 2009

    either Koenigsegg or Saab can start making wind turbines 😀

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  3. Nate 9-3

    29. May, 2009


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  4. Kroum

    29. May, 2009

    Go Koeningsegg!

    Reply to this comment

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