Saab Automobile Down To Two Possible Buyers?

Posted on 03. Jun, 2009 by in 2000-2009

Saab Automobile AB’s Managing Director, Jan-Ake Jonsson indicates that the company is now down to two possible buyers in an interview conducted with Dagens Industri via reuters.

Here’s hoping that one of those possible buyers at this time is Koenigsegg, the other, who really knows at this point as they were apparently one that was part of the original 27 bidders.

It’s really getting down to the wire, and hopefully it will be disclosed shortly. We must continue to respect the process, it’s in our interest, but it’s still tough to continue to wait.

While waiting is one thing, the articles that continue to include “loss making unit” are also starting to annoy me. I hope that people begin to change their tone and give Saab Automobile a break, it was GM that caused this trouble for them, not themselves. Here’s hoping that when their new buyer comes, they will be more optimistic and positive.

STOCKHOLM (Reuters) – General Motors Corp’ Saab Automobile unit has narrowed talks with potential buyers for the loss-making Swedish brand to two, Saab’s top executive was quoted as saying in a Swedish business daily on Tuesday.

“Now we are negotiating with just two parties,” Saab’s chief executive, Jan-Ake Jonsson, said in Dagens Industri.

Jonsson said final negotiations with one of those two potential suitors could start this week.

“This can go fast now and should absolutely be wrapped up in a maximum of two weeks,” he said in the report, adding a letter of intent with a “serious buyer” could be ready before mid-June.

The loss-making unit, put up for sale by its ailing U.S. parent earlier this year, said last week it would reveal its preferred candidate of the three undisclosed remaining bidders within weeks.

Local media, citing undisclosed sources, have reported the two front-runners were Swedish luxury carmaker Koenigsegg and U.S. financier Ira Rennert and his Renco Group, with Italy’s Fiat SpA as the third suitor.

The Swedish carmaker, which first sought protection from creditors in February, was granted an extension until August 20 in its reorganization process to line up a new owner and restructure.

GM filed for Chapter 11 bankruptcy on June 1, but said none of its operations outside of United States were included in the U.S. court filings.

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No Responses to “Saab Automobile Down To Two Possible Buyers?”

  1. Darryl

    03. Jun, 2009

    “loss making unit” Wasn’t it stated and discovered somewhere that Saab wasn’t a losing enity, GM just reported earnings to another branch making Saab look like it was losing money when it really wasn’t? Can this be reconfirmed somehow?

    Darryl

    Reply to this comment
  2. Ryan

    03. Jun, 2009

    Darryl,

    Exactly, yes and many of the cars sold in the United States went to GM profits, and not General Motors Europe (ie. Saab Automobile AB).

    Best,

    Ryan

    Reply to this comment

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