Today Marks The Final Day For Parties To Submit Bids

Posted on 07. Jan, 2010 by in 2010-2019

Today marks the final day for the interested parties to submit their bids. Here’s hoping there some positive result with the bids.

There are two new anonymous Swedish bidders that have apparently entered the pool of candidates recently and want to get their proposals into Deutche Bank today, who have been handling the process for GM, according to Reuters.

It is my understanding that without any secured EIB statement from the Swedish Government to any party, the bids will once again be rejected. Here’s hoping I am wrong on this matter, but all comes down to that.

Here’s a piece below by Reuters discussing today’s deadline for the bids.

STOCKHOLM/AMSTERDAM, Jan 7 (Reuters) – Bidders in Sweden and the Netherlands made last-ditch efforts on Thursday to buy General Motors [GM.UL]-owned Saab, as the deadline for its sale loomed threatening the Swedish car brand with closure.

Two anonymous Swedish groups are likely to enter last-minute bids proposing management buy-outs of Saab, a Swedish business daily reported, quoting a Swedish official.

Dagens Industri quoted Joran Hagglund, Sweden’s state secretary for industry, as saying the bids are likely to meet today’s deadline, though neither group had been able to show it had the financial backing necessary for a purchase.

“We have had contacts with several different groups since the 18th of December, among them three from Sweden,” Hagglund told the paper. “I should think that at least two of them will submit bids to General Motors during Thursday.”

“The problem is that none of them can show that they have financing in place,” he said, adding that Koenigsegg, which retracted its bid late last year, was not one of the groups.

U.S. auto maker GM has set a deadline of 2200 GMT on Thursday for the sale of Saab, according to Dutch luxury carmaker Spyker, which on Monday said it would submit a final bid for Saab assets before then. [ID:nLDE603121]

Earlier, Swedish daily Dagens Industri said the deadline was 1600 GMT.

Spyker has already revised its offer for the ailing Swedish carmaker several times to address GM’s concerns about the source of its financing for the deal.

Sweden’s IF Metall union said in a statement there was “every chance” of a positive outcome for Saab and it expected a solid bid to materialise during the course of the day.

Still, chances of sale looked bleak after General Motors Chief Executive Ed Whitacre said on Wednesday it was proceeding with the winding down of its Swedish unit as planned because no buyer had proved it could finance a purchase. [ID:nN06160721]

A Swedish source familiar with the matter confirmed there were Swedish parties interested in Saab. He added that a meeting of Saab board members would take place on Friday, instead of on Thursday, as originally planned.

“I know that Swedish parties are involved,” he said.

Tags: , , , , , , , , ,

No comments.

Leave a Reply



Production Concept