Tag Archives: auto maker

Today Marks The Final Day For Parties To Submit Bids

Posted on 07. Jan, 2010 by .

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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.
[…]

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Dutch Based Skyker Cars Interested In Buying Saab

Posted on 02. Dec, 2009 by .

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Reuters reports that dutch based Spyker cars, a small luxury car manufacturer is interested with Saab and is currently in talks with GM.

Please take a look at Spyker car’s website and read the rest of the article below for more information:

Dutch luxury car maker Spyker interested in Saab
Wed Dec 2, 2009 7:11am EST

AMSTERDAM (Reuters) – A second small luxury car maker, Spyker (SPYKR.AS) of the Netherlands, is talking to General Motors GM.UL about buying Saab Automobile, weeks after Sweden’s Koenigsegg dropped its bid.

A spokesman for Spyker, which made 43 cars last year that sell for 200,000 euros ($301,400) and upwards, said the Dutch auto maker was interested in Sweden’s Saab and was talking to GM but declined to say whether it had submitted a bid.

Last month, Koenigsegg, which makes sports cars valued at $1 million, pulled out of a deal backed by China’s Beijing Automotive Industrial Holding Ltd (BAIC) to buy Saab, putting in doubt the future of the 60-year-old mass-market automaker, known for its 9-5 and 9-3 sedans.

U.S. automaker GM, which has been restructuring its European operations after a period in bankruptcy protection earlier in the year, has said it would consider offers for Saab until the end of December and then take steps to close it if nothing suitable materializes.

Automotive News first reported Spyker’s interest in Saab.

Spyker itself has never turned a profit and has had to secure financing since it was resurrected as a luxury car maker in 2000 to compete against Lamborghini, Ferrari (FIA.MI) and Bentley (VOWG.DE).

Spyker’s roots go back to 1875, to a family firm that once built a coach for the Dutch royal family and later moved into automobiles and aircraft, but was liquidated in 1926.

The maker of the C8 Aileron and D8 luxury sport-utility vehicle got rescue financing in 2007 from Abu Dhabi’s sovereign fund Mubadala, which holds 23 percent, while Russian banking tycoon Vladimir Antonov holds 29.9 percent. Chief Executive Victor Muller owns 10 percent.

Saab has not made a profit since it was taken over by GM 20 years ago and estimated it would make a loss of 3 billion Swedish crowns ($434.5 million) this year and again in 2010.

It needs huge investment to bring its models up to date and reverse a dive in sales in recent years, and many analysts believe the brand has little future in an industry struggling with overcapacity.

As for Spyker, CEO Muller told Reuters in July that it still needed to secure financing for 2010.

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GM Signs Binding Deal To Sell Saab Auto To Koenigsegg

Posted on 18. Aug, 2009 by .

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Dow Jones now reports that GM signs a binding deal to sell Saab Automobile to Koenigsegg, and rights to sell next generation product such as the 2010 9-3x, NG 9-5 Sedan, 9-4x and 9-5 Wagon for free.

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GM Signs Binding Deal To Sell Saab Auto To Koenigsegg

General Motors Co. (GM) has reached a binding agreement to sell its loss- making Saab Automobile AB unit to Swedish sports car maker Koenigsegg Group AB, though people familiar with the situation said a number of funding hurdles still need to be crossed.

The move, expected to be announced early Tuesday, comes two months after the companies signed a letter of intent, and will give Koenigsegg rights to produce the next generation of Saabs for free.

A deal would tie up another loose end in GM’s global restructuring as it nears the sale of a majority stake in its core Opel and Vauxhall European assets.

While the purchase price is effectively zero, a disposal of Saab hinges on the Swedish government providing guarantees for loans from the European Investment bank, according to one person familiar with the deal. “The reality is the deal needs to clear a few more hurdles,” said the person.

Saab sought protection from creditors in February amid GM’s efforts to sell or spin off the unit. The U.S. company had hoped to complete a transaction in June, but is now targeting a September closing. Saab is one of four brands – alongside Hummer, Pontiac and Saturn – being sold or wound down by GM.

Saab’s creditors in June approved the auto maker’s proposal to pay 25% of about 10.5 billion Swedish kronor ($1.46 billion) in debts, including almost SEK10 billion owed to parent GM, and the rest to auto suppliers and the Swedish government.

GM and Saab declined to comment on the sale agreement, though Swedish media reports said it included a pact on the transfer of technology and services between Saab’s new owners and GM. Koenigsegg officials could not be reached.

Dagens Nyheter, a Swedish newspaper, said the deal’s terms would also see GM write off the money it used to support Saab earlier this year, and machinery and production equipment will be transferred to the new owners.

Saab last year sold fewer than 94,000 cars, down from about 125,000 vehicles in 2007. Its best-ever year was in 2006, when it sold 133,000 cars, making it a tiny player in the global auto industry.

-By Ian Edmondson and Sharon Terlep

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Saab Automobile Would Welcome Fiat Discussion?

Posted on 06. May, 2009 by .

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Boston Globe via Reuters is now saying that Saab Automobile would welcome fiat talks?

I thought this distraction was officially over after Saab Automobile AB’s President, Jan-Ake Jonsson indicated that they were not participating in talks.

I have e-mailed Eric Geers to ask why the change of heart suddenly. I really hope that this does not affect the two weeks left in the reconstruction process, because Saab within the mega company Fiat aspires to be sounds almost worse than the previous 20 years with GM to me.

Update: Eric Geers has replied to my inquiry in response to the news this morning indicated from Reuters.

Ryan,

We obviously don’t close doors for any potential candidates. But we haven’t had any contact with Fiat until now.

Plus we have very strong candidates among the ones that have visited Saab her in Sweden.

Eric Geers
Saab Automobile AB

Here’s the piece from Reuters via the Boston Globe.

Reuters

STOCKHOLM (Reuters) – Sweden’s Saab Automobile, owned by ailing U.S. auto maker General Motors , would welcome talks with Italy’s Fiat about a takeover, Saab said on Wednesday.

Fiat, not among the 10 suitors currently in the race for Saab, has however not been in contact with Saab’s management, Saab spokesman Eric Geers told Reuters.

“But we are open for discussions. If Fiat comes into the picture, we would welcome a dialogue,” Geers said.

The Swedish carmaker, currently under reorganization, aims to win court approval for an extended period of creditor protection on May 20.

Geers would not comment on whether Saab is pressed to present a letter of intent with a new owner by that date to be able to keep the reorganization going, but said it was important to show evidence of progress.

“To prolong the reorganization period, it is important to disclose in more detail how far we have come. And, of course, the ownership issue is very important,” Geers said.

Earlier this year, GM put Saab up for sale and said it would cut the brand loose by the end of this year. The loss-making brand needs a new owner to secure government guarantees for much needed funding from the European Investment Bank (EIB).

Sweden’s government has confirmed it has been in contact with Fiat regarding Saab but would not disclose any details.

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