Tag Archives: Asia

Genii Capital Plans To Submit Bid For Saab Today

Posted on 07. Jan, 2010 by .

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Saab History has confirmed through Bloomberg & TTELA’s interview, that Luxembourgh based Genii Capital plans for a bid to Saab Automobile by 5pm today.

Apparently, there is a Swedish entrepreneur behind the company and has been working on this for nearly a year to buy Saab. – It takes time to get all the pieces in place, “says the source according to TTELA.

Genii Capital is a private investment company that operates in North America, Europe & Asia. They specialize in development of innovative ideas in brand management, technology, entertainment and automotive industries. This past December they announced their intent to purchase the Renault F1 racing team.

When Saab History tried to contact them today, they were answered the phone, but were unable to comment as their spokesperson would not be available until Monday.

Here is a piece by Bloomberg below:

genii

Jan. 7 (Bloomberg) — Genii Capital plans to hand in a bid for General Motors Co.’s Swedish Saab Automobile unit today, Genii spokesman Lars Carlstroem said in a telephone interview.

Genii plans to use former bidder Koenigsegg Group’s business plan for Saab and make the automaker profitable by 2012 with production of 105,000 vehicles a year, Carlstroem said.

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Eker Of Koenigsegg Speaks Out: GM Was Too Greedy

Posted on 19. Dec, 2009 by .

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Bård Eker. (Photo: CARL MARTIN Nordby Aftenposten)

Bård Eker of the Koenigsegg group who had to terminate their interest in buying Saab back in November finally speaks out, saying it was GM that was too greedy.

General Motors made it very difficult to buy Saab, says Bård Eker. -You can take a lung of a human body, but not all blood vessels, “he says.

Published: 18.12.09 22:51, Updated: 19.12.09 14:15

Yesterday afternoon we got the message that GM offers up to find buyers for Saab, and that they instead choose to discontinue all production. Bard Eker and Koenigsegg Group had talks with GM about the takeover of the automaker, but after months failed negotiations. Yesterday Eker told for the first time Aftenposten what he thinks went wrong.

-Do you think even that could have gone differently if you had not held on so long?

-It is easy to think that, but it is also foolish to think that. It is a little difficult, for it will never get answers to, “says Eker.

3400 employees in Saab loses his job as a result of the termination. But the closure will affect both the contractors and those who live by the activity Saab has added to the local community Trollhättan, where it lives a total 46,000 people. Total estimated that there with that over 8,000 workers in western Sweden will lose his job as a result of the closure.

“We can only hope that something good comes out of it. Not least for the workers working on Saab, for it is them I am most worried about now, “says Eker.

Actually, should the agreement between the Koenigsegg Group and GM have been clear in the summer. But the Swedish-Norwegian investor team gave up three weeks ago after negotiations still went out in time and it was difficult to predict when the transaction could be completed.

-Saab was never structured as a subsidiary, it was something you bought and swallowed into the great GM-body. It is clear that it is very difficult to pull out. You can take a lung of a human body, but not all blood vessels. There was a contributory factor in that it took longer for us also. They had not done the necessary procedure before they went into dialogue with a potential buyer.

In addition, the Koenigsegg struggled to get GM to fix prices on parts for Saab cars.

-What we did wrong was that we were open about the business plan. At first no one believed it, but as they began to believe in us, the guys started to get greedy. GM would be better paid for the parts and the Chinese would have more money. It was the final straw. Then began greed to become so dominant that we could not take more, “says Eker told Aftenposten.
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