Tag Archives: Dow Jones

Sale Of Saab Unit By GM, Unaffected By Opel U-Turn

Posted on 04. Nov, 2009 by .

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The Wall Street Journal has reported via Saab Automobile’s Eric Geers, that the sale of Saab Automobile by GM to the Koenigsegg Group remains and is unaffected by the recent Opel developments.

GM’s Sale Of Saab Unit Unaffected By Opel U-Turn

STOCKHOLM (Dow Jones)–General Motors Co. remains committed to selling its Saab Automobile unit to Sweden’s Koenigsegg Group AB, Saab spokesman Eric Geers told Dow Jones Wednesday.

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Saab Automobile Receives Court Ok For Debt Reduction

Posted on 17. Jun, 2009 by .

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TTELA & the Wall Street Journal have confirmed that Saab Automobile’s creditors have approved their proposal for settling their debts by paying 25% of what is owed.

By Gustav Sandstrom

Of DOW JONES NEWSWIRES

STOCKHOLM (Dow Jones)–Saab Automobile AB’s creditors Wednesday approved the automaker’s proposal for settling its debts by paying 25% of what was owed.

Court secretary Ingrid Lund at Vanersborg District Court in Sweden, which is handling the case, told Dow Jones Newswires that all creditors apart from the Swedish Tax Agency had ..

TTELA

VÄNERSBORG After a brief deliberation the district court announced its decision at 10.45: Saab may reconsider its desired composition.

This means that only 25 percent of the debts due.
[…]

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Swedish Government’s Enterprise Minister, Jöran Hagglund Says Saab Has 3 To 5 Serious Bidders

Posted on 02. Apr, 2009 by .

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Dow Jones Swedish Correspondent, Ola Kinnander, indicates in a dialogue with Jöran Hagglund, (the Swedish Government’s State Secretary who is fighting for Saab Automobile’s success) that Saab Automobile has 3-5 serious bidders.

What is interesting about this is that back in December we heard that there were 3 bidders from Jan-Ake Jonsson, then later we heard about 5, then recently 6-8 and then from the union IF Metall, 10!

I am beginning to be less interested in the number of bidders and more interested in who they are already.

Here is the piece below from tMr Kinnander of Wall Street Journal:

Sweden Government Official: 3 To 5 Serious Bidders for GM’s Saab / Dow Jones

By Ola Kinnander ? April 1, 2009

STOCKHOLM – Saab Automobile AB, which owner General Motors Corp. is trying to sell, appears to have attracted between three and five serious bidders,
but its chances of survival remain uncertain, a senior Swedish government official told Dow Jones Newswires Wednesday.

He also said the Swedish and German governments have discussed the possibility of merging Saab and Opel, another troubled GM unit, but
decided such a deal wasn’t feasible.

Saab in recent weeks has said that about eight parties have expressed interest in potentially taking over the Swedish car maker.
Joran Hagglund, a state secretary in the Swedish Enterprise Ministry who is the government’s main liaison with the auto industry, said in an
interview that he suspects some rival car makers may signal interest in Saab simply to gain access to its books and research and development plans.

The picture may clear up in a couple of weeks, and then it may show that “between three and five” parties are seriously considering investing in Saab, he said. However, Hagglund doubted whether this interest would be enough to save Saab once GM cuts its ties. “It would be very nice” if Saab could survive, he said. “But the signs point the other way. The auto industry is in free fall. There may be no strong buyers.”

Potential buyers likely can soon choose between several car companies in crisis. “The question then is, does Saab’s concept fit into an interested party’s ideas? I can’t answer that, other than to say that it looks grim,” he said.

Saab in February filed for bankruptcy protection, similar to the Chapter 11 process in the U.S. Saab on Monday will meet with the reconstruction team and representatives of GM and Sweden in a Swedish court to decide whether the reconstruction period, which is set to expire next month, will be extended.

Hagglund said that since GM had paid almost all of the debt owed to Saab’s suppliers, he expected the court to approve Saab’s request for an extension for up to three months more.

He also said he thought it was unlikely that Saab and Opel, GM’s struggling German unit, would team up. The Swedish and German governments have discussed that possibility but “have pretty much concluded that … it’d be pretty difficult to find an owner who wants to go in and own both of these loss-making companies.”

Hagglund reiterated the Swedish government’s stance that it wasn’t interested in owning any auto companies.

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German Based SolarWorld Bid To Buy Opel From GM

Posted on 22. Nov, 2008 by .

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Not more than a week after Opel asks the German Government for financial support, SolarWorld, a germany based company bids to buy Opel outright from General Motors for 250 Euros & 750 Euros in Credit according to Dow Jones.

A sale of Opel would mean ownership of the next generation Saab 9-5 production at the Opel based Russelheim, Germany factory as well.

Could the next generation Saab 9-5 see some solar technologies before it goes out the door, especially now that its production is delayed?

FRANKFURT -(Dow Jones)- German solar equipment maker SolarWorld AG (SWV.XE) Wednesday said it intends to offer about EUR1 billion in cash and credit lines for General Motors Corp.’s (GM) unit Adam Opel GmbH in a bid to develop the ” first green European car company.”

Source: Dow Jones

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