Tag Archives: Bloomberg

Genii-Capital & Bernie Ecclestone Concede Bid For Saab

Posted on 25. Jan, 2010 by .

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Saab History has just heard that Genii Capital Group & Bernie Ecclestone have conceded their bid for Saab according their spokesperson, Lars Carlström.

Here is a quote from them as provided to Bloomberg recently.

“We have worked hard, unfortunately time was not on our side,” Lars Carlstroem, the Swedish investor working with Genii, said in a phone interview today. “We are pleased to hear about Victor and his attempt to buy Saab. He’ll be a perfect owner for Saab going into the future.”

What’s surprising about this is that, Spyker has not completed the purchase negotiations for Saab, so this seems premature, unless GENII know that Spyker will complete the deal one would think?

Update: Lars Carlstrom of Genii has recently indicated to Saab History that “If situation changes, Genii are further interested in exploring the possibility.”. So there still could be a plan B, if need be.

Genii Capital concluded today that the timing of the bidding process for Saab is incompatible with implementing a solid business platform for the future

Luxembourg, January 25, 2010

Following a period of intensive study and evaluation, Genii Capital is now in a position to release its conclusions on the situation of Saab Automobile AB.

Saab is an exclusive brand with strong potential, based on the capabilities of a highly skilled workforce. This attracted Genii Capital to the opportunity to acquire a majority stake in Saab, based on implementing comprehensive, innovative industrial and financial foundations for the future in order to best meet the challenges the company will face in the future.

Genii Capital was brought into the year-long bidding process for Saab just three days before the closing deadline. During this year, Saab Automobile AB had been engaged in a partial shutdown
process as a result of the length of the negotiations.

Genii Capital is in a position to move quickly and aggressively, but building solid partnerships for the long term demands both time and intensive work. Unfortunately, Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction.

Genii Capital would like to extend its thanks to: its partners for their enthusiastic, dynamic and sincere commitment; those parties, especially from Sweden, who aided us in understanding the
situation of Saab Automobile AB; GM for its cooperation and concern for the successful future of Saab Automobile AB.

Genii Capital wishes Saab Automobile AB and its workforce a bright future and will continue to monitor with interest the company’s situation.

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Saab History's Understanding On Spyker-Saab Sale Process

Posted on 25. Jan, 2010 by .

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It is my understanding that the reason why at this very moment, the deal has not been completed, is that the Swedish Government and the EIB, are waiting from a statement from GM, stating that Spyker will be granted the ability to buy Saab.

Once that occurs, it seems as though the Swedish Government and the EIB will allow the approved 400 million-Euro ($567 million) loan to be granted the Spyker Cars, thus allowing the sale of Saab Automobile to be complete.

While it would be ideal for this to all go down today or within the next 24 hours, the loan completion may be up to 10-days after a hopeful positive statement from GM, according to Bloomberg.

Here’s hoping it all happens and is finalized shortly and that GM has something positive to say about Spyker buying Saab opposed to a “discussions are ongoing statement” in their press conference this morning. GM indicates to Saab History that they are not expected to discuss Saab in this press conference. I guess we’ll have to wait and see.

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Spyker Cars CEO, Victor Muller Now In Stockholm

Posted on 22. Jan, 2010 by .

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Saab History has just received direct confirmation from Spyker Cars CEO, Victor Muller, that he is now in Stockholm, as recently reported in Bloomberg.

This is a necessary next step in the ongoing sale process with Saab Automobile & GM. We should expect news shortly following what took place here on Friday, in the next few days.

Jan. 22 (Bloomberg) — General Motors Co. and Spyker Cars NV officials met in Stockholm today to review a potential sale of GM’s Saab unit as the parties near an agreement, according to two people familiar with the matter.

GM considers Spyker’s $500 million offer of cash and preferred shares in the new Saab to be adequate, while the companies negotiate terms including those related to production plans, said the people, who asked not to be identified because the talks are private

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United Kingdom Save Our Saab Convoy, Jan 17th, 2010

Posted on 09. Jan, 2010 by .

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Here’s an update from our friends in the United Kingdom that are moving forward on their Saab Convoy that will take place on January 17th.

It is really nice to see that this convoy has the full support of legendary SAAB rally driver, Erik “On the Roof” Carlsson as seen in this Bloomberg video below.

Excellent job!

Press statement Save Our Saab Support Convoy UK, 17th January 2010

Details at a glance:

Participants list: http://www.uksaabs.co.uk/UKS/viewtopic.php?f=10&t=51809
Individual Saab owners from various areas meet at :
· From Midlands, Northern areas –
8.30am-9.00am M1 Jct 15a – Northampton Services (Rotherthorpe)
· From London, Kent and Essex areas –
9.00am-9.30am M25 Jct 23 – South Mimms Services
· From West, South-West areas –
8.00am-8.30am M4 between Jct 12 and 11 – Reading Services
· Proceed to Luton via M1, Jct 10
· 10.00 – 11.00 – Meeting of Saab owner convoys CAR PARKING and line up of cars
· at Stockwood Park, Discovery Centre London Road LU1 4LX Luton
· 11.00 – 12.00 – Time for meet and greet, Car Show, photo shoots, etc.
· 12.00 – > – Depart of Cavalcade for Drive by to the Saab UK Headquarters,
Griffin House Osborne Road Luton Bedfordshire, LU1 3YT
· Proceed via A505 to Imperial War Museum, Duxford
· 13.00 onwards – Arrival at Duxford Museum and line-up of 50 cars
· Best examples of 62 years Saab car history in front of Wing Co Joe’s Café
· Raffle of Saab memorabilia
To whom it may Concern,
The Worldwide community of Saab owners is not only following the news concerning the proceedings of the negotiations of GM with prospect buyers of Saab, but is trying to have their voice heard as well!

Where, with the sale of other parts of GM operating companies, the main concerns were about employment of the local staff, in the case of Saab the loyal fans and proud owners of cars of this iconic marque want to keep this unique Brand alive.

Of course, we also want to support the thousands of people who work in this business in Sweden and the UK.
[…]

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The Strong Press Coverage Of The "Save Saab" Gathering

Posted on 06. Jan, 2010 by .

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press

Photo Credit: Saab History

The ongoing press coverage of this event leading up to, during and now following has been outstanding. A thank you to all of the members of the press that have contributed to covering this event in such a positive and thorough way.

Here is the leading coverage that will be updated on an ongoing basis that also includes the articles prior to the event.

New York TimesEnthusiasts Descend on Detroit To Save Saab

Reuters Saab lovers rally to save brand as GM board meets

Bloomberg Business Week – Saab Enthusiasts

Swedish RadioRegeringen ska träffa GM och Ford

TV 4 Sweden Saabar samlas vid GMs huvudkvarter

Sweden’s SVT TelevisionSaab Enthusiasts Rally In Detroit

E24 Sweden – Manifestationer för Saab

Danish Radio

USA TodaySaab Owners Picket GM In Detroit To Try To Keep Brand Alive

Boston Globe As Saab owners rally, GM’s shutdown threat remains

Boston HeraldTo rev up support, Saab fans get political

Maine Public BroadcastingMaine Saab Owners Launch Effort to Save Brand From Extinction

AutoblogSaab owners Gather In Wintery Detroit Urge GM to Sell Brand

Autoweek Saab fans gather outside GM headquarters

JalopnikSell Our Saab, The Rally

ExaminerSaab Enthusiasts Rally In Detroit Write Songs To Save Saab From Being Closed

U.S. NewsSave Our Saab Enthusiasts Plan March on GM HQ

Autocar UKSaab workers urge GM sale

The Guardian (UK) Saab Rally In Detroit

EGM Car TechSaab supporters gather outside GM’s Renaissance Center HQ

The ExaminerSaab enthusiasts are impressing me… Are they impressing GM ???

Coverage Prior To
[…]

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Bloomberg Reports: Saab Buyers Narrowed To Spyker, Renco & BAIC

Posted on 02. Dec, 2009 by .

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Bloomberg Reports that Saab Buyers have been narrowed down to Spyker, Renco & BAIC

GM Said to Narrow Saab Options to Up to Three Bidders (Update1)
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By Jeff Green, Serena Saitto and Ola Kinnander

Dec. 2 (Bloomberg) — General Motors Co. has narrowed its options for the Saab unit to as many as three bidders, according to two people familiar with the matter.

GM is considering proposals by Spyker Cars NV and Renco Group Inc., with Renco less likely to gain consideration, said the people, who asked not to be identified because the discussions are private. Merbanco Inc. is out of the race, they said. GM is still weighing a sale of certain Saab assets to Beijing Automotive Industry Holding Co. and unwinding the rest of the company, they said.

The Detroit automaker is trying to shed the unit after Koenigsegg Group AB backed out of a purchase agreement last week. The disposal of Saab as well as Saturn, Hummer and Pontiac brands was part of GM’s plan to return to profit after a $50 billion U.S.-backed bankruptcy from which it emerged July 10. GM said yesterday it will review bids for Saab and decide by the end of the month whether to sell or shut the Swedish unit.

Spyker, the Dutch maker of $235,000 sports cars, is seeking to buy Saab in a partnership with RMC Convers Group Holding Ltd, which is Spyker’s biggest owner, Spyker Chief Executive Officer Victor Muller said in a telephone interview today.

“It’s heartbreaking to see a company like Saab going down — Saab is a beautiful brand,” Muller said by telephone from Los Angeles, where he is attending the auto show. “I can confirm that we have an interest in Saab together with Convers.”

Spyker climbed as much as 36.5 cents, or 23 percent, to 1.95 euros, the steepest increase since Jan. 30, and traded at 1.86 euros as of 4:07 p.m. in Amsterdam.

To contact the reporters on this story: Jeff Green in Southfield, Michigan, at Jgreen16@bloomberg.net; Serena Saitto in New York at ssaitto@bloomberg.net; Ola Kinnander in Stockholm at okinnander@bloomberg.net.

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Beijing Automotive Plans to ‘Move Fast’ on GM’s Saab

Posted on 30. Nov, 2009 by .

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Bloomberg reports Beijing Automotive Industry Holding Co. (BAIC), will “move fast” on GM’s Saab.

BAIC, who previously entered into agreement with the former candidate for Saab, still plan on continuing the old Saab 9-5 production in China which will require that the dealerships to double.

When asked about whether BAIC would want to acquire Saab by itself or as a consortium, the CEO Wang Dazong responded by saying “stay tuned”.

Here’s the report below:

By Bloomberg News

Nov. 30 (Bloomberg) — Beijing Automotive Industry Holding Co. said it will “move fast” on General Motors Co.’s Saab unit after its partner pulled out of making a bid for the Swedish automaker.

“Stay tuned,” Beijing Auto President Wang Dazong told reporters today in Nanjing, China, when asked whether the company would bid alone for Saab or as part of a group. The automaker is considering an offer, he reiterated.

Wang declined to say whether the company would submit a Saab bid before Detroit-based GM’s board discusses the unit’s future at a meeting tomorrow. Koenigsegg Group AB walked away from a Saab deal, backed by Beijing Auto, last week.

“I can’t control GM’s timetable,” Wang said. “We want to move fast.”

Beijing Auto, Merbanco Inc. and Renco Group Inc. have all made approaches about Saab, two people familiar with the situation said last week. Wang declined to say whether Beijing Auto has made an approach.

GM decided to dispose of Saab in February as the U.S. automaker undergoes bankruptcy reorganization. The Swedish unit has been unprofitable for most of the two decades GM has owned it. Saab sold fewer than 100,000 vehicles worldwide last year.

For Related News and Information: Top transportation stories: TOP TRN GM revenue breakdown: GM US CN PGEO China auto news: TNI CHINA AUT
Last Updated: November 29, 2009 21:52 EST

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New York Times Reports: After Sale, Saab To Refill Inventory To Saab Dealerships In United States

Posted on 18. Nov, 2009 by .

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The New York Times is now reporting that Saab Automobile AB is promising to refill the inventory for the remaining Saab dealerships in the United States immediately following the sale to the Koenigsegg Group.

This is a truly positive response to the recent news about Saab dealerships in the United States running out of cars.

I wonder if any of these 2010 model year Saabs will include the 9-3x in addition to the existing 9-3 lineup, because apparently they won’t be any 2010 all new Saab 9-5s until early next year.

After Sale, Saab Promises to Refill Inventory
By STEPHEN WILLIAMS

Saab, the troubled stepchild of General Motors that is being sold to Sweden’s Koenigsegg Group, said on Tuesday that dealers will start receiving 2010 model-year cars shortly after the sale closes, which is expected to take place by the end of this month.

Mike Colleran, president of Saab Cars of North America, said in an interview that some 2010 9-3s — though not the 9-5 — will arrive in the United States by year’s end. He said that Saab’s plant in Trollhattan, Sweden, was building new cars and that dealers in the United States can order them “immediately after the sale.”

While Bloomberg had reported that existing 2009 inventory was dwindling, Mr. Colleran assured dealers that a four- to five-month supply remains.

“Dealers who run out of cars will be able to buy cars from other dealers,” he said. “We have supply for a good number of days.”

In Europe, Saab’s largest market, the supply situation does not seem to be as good. “One of the side effects with the transition from being a G.M. subsidiary to a Swedish group is that Saab has not been able to run the factory at a satisfactory level,” Stephen Pope, chief global market strategist at Cantor Fitzgerald in London, told Bloomberg. “They are disappointing buyers with extended waiting times or just failure to deliver.”

Saab had reported that it will terminate 81 of its present 218 dealerships in the United States as early as the end of this month.

“In anticipation of the sale, we selected certain dealers, 137 of them, to help us to achieve our goals,” Mr. Colleran said. The 81 other dealers received letters from G.M. specifying that they cease operating as Saab dealers under terms of the Dealer Termination Agreement that Saab dealers signed in June.

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