Tag Archives: Ed Whitacre

Saab History's Reaction To The Media Reports Today

Posted on 25. Jan, 2010 by .

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It’s amazing, the day began with some nice wake up calls learning that the Swedish Government & GM would be having meetings and a press conference respectively.

Then, I began to hold off from much of anything and learned that the day’s activities were no different than they were on Friday despite all of the irrelevant news.

Here’s how the rest of the day went:

* Saab History learned that Victor Muller of Spyker Cars is still in Stockholm, and was not travelling to the Saab Car Museum as previous reports stated

* Saab History also heard that there is no Spyker Car being delivered to the Saab Car Museum, and therefore that rumor is false.

* Spyker Cars made a statement about the media reports today citing that negotiations on the Saab sale process continue.

* Almost immediately following this, we learned from the Swedish Government that nothing related to Saab was discussed at their meeting today

* Finally, no Saab related news took place at the GM Press Conference. as GM’s new permanent CEO, Ed Whitacre said that “GM has not changed their mind on the wind down on the operation of Saab, but indicated advanced talks, and said that there is no deal to be announced this morning.” and secondly, no members of the press asked any questions about the ongoing negotiations with Saab at all.

Today, was effectively a non-event fueled by the media covering other reports originating with Sweden’s SVT’s rapport. I’ve contacted SVT regarding this and it almost sounds like a retraction is in order.

However, at the time of this posting, GENII concedes their bid for Saab, leaving Spyker as the sole final bidder for Saab, unless the Nygren-Samuelson bid still stands.

I hope for some completion of the Spyker sale process for Saab with GM this week.

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The GM Press Conference In Detroit – 11:30 EST

Posted on 25. Jan, 2010 by .

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MEDIA ADVISORY: GM Chairman and CEO Ed Whitacre to Provide Business Updates

2010-01-25

DETROIT – General Motors Chairman and CEO Ed Whitacre will host a press conference on Monday, January 25, to provide updates on GM business activities.

The press conference will begin at 11:30 a.m. EST in the Renaissance Conference Center located in Tower 300, Level 2, of the Renaissance Center in downtown Detroit.
The satellite feed for the press conference is:

The press conference will also be webcast at http://media.gm.com and at http://gmtv.feedroom.com/?fr_story=a313dd015fa9a7af0b9de0c1898de6c36e3b324f

The webcast will be archived at the site fr replay after 2 p.m. EST on January 25.

Technical/broadcast questions:
Steve Griffes

GM Communications Operations
313-220-7982 (mobile)
steven.l.griffes@gm.com

Summary:

* GM Chairman & CEO, Ed Whitacre has accepted a permanent position and has ended the search for a position.
* Saab, GM has not changed their mind on the wind down on the operation. Indicated advanced talks, and said that there is no deal to be announced this morning.

* No members of the press asked any questions about the ongoing negotiations with Saab at all.

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An Update Today On The Spyker Sale Process Of Saab

Posted on 25. Jan, 2010 by .

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Here’s a good update on what to expect today with regards to the Spyker-Saab sale process of Saab Automobile.

1) Sweden’s SVT have reported that the Swedish Government will make an extraordinary meeting today at 2:30pm in Sweden (8:30am U.S. EST) about the EIB Loan. (This will not be a press conference)

2) Secondly, GM in Detroit is expected to make an announcement via a press statement and/or conference call

MEDIA ADVISORY: GM Chairman and CEO Ed Whitacre to Provide Business Updates

2010-01-25

DETROIT – General Motors Chairman and CEO Ed Whitacre will host a press conference on Monday, January 25, to provide updates on GM business activities.

The press conference will begin at 11:30 a.m. EST in the Renaissance Conference Center located in Tower 300, Level 2, of the Renaissance Center in downtown Detroit.
The satellite feed for the press conference is:

The press conference will also be webcast at http://media.gm.com and at http://gmtv.feedroom.com/?fr_story=a313dd015fa9a7af0b9de0c1898de6c36e3b324f

The webcast will be archived at the site fr replay after 2 p.m. EST on January 25.

Technical/broadcast questions:
Steve Griffes

GM Communications Operations
313-220-7982 (mobile)
steven.l.griffes@gm.com

3) Spyker CEO is expected to make a statement at a conference today, unsure exactly when though. I’m hearing from my sources that this will be in Stockholm, possibly like the Saab-Scania/ GM statement 20 years ago.

Spyker Cars N.V. : SPYKER CARS N.V.: REACTION ON PRESS SPECULATION ABOUT SAAB
2010-01-25 14:06:54.376 GMT

Zeewolde, the Netherlands, 25 January 2010 – Spyker Cars N.V., manufacturer of exclusive premium sports cars, has noted recent press speculation about the SAAB negotiations. Spyker confirms that talks are ongoing, the outcome of which is still uncertain. As SAAB is currently in liquidation talks must end soon.

I will be updating this post as things progress. If you have tips, please don’t hesitate to add them and/or contact Saab History.

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Spyker CEO, Victor Muller's Presentation At NAIAS – Recap

Posted on 12. Jan, 2010 by .

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Here’s a recap of the presentation by Spyker’s CEO, Victor Muller at the Automotive World Congress event today. This event took place at the NAIAS in Detroit which took place at 3:05pm as covered by the AFP.

Spyker has funds to buy Saab and GM is ‘considering’ offer: CEO

(AFP) – 43 minutes ago

DETROIT, Michigan — Spyker has the money to buy Saab and GM is “considering” its offer very seriously, the head of the Dutch sports car maker said Tuesday.

GM has begun the orderly wind down of Saab and the fate of the Swedish car maker seemed sealed last week when GM chief Ed Whitacre said the US auto giant had done everything it could to find a buyer but so far nobody had come up with the money.

But Victor Muller, founder and chief executive of Spyker Cars said the death knell had not yet rung.

“We have shown Mr. Whitacre the money,” said Victor Muller, founder and chief executive of Spyker Cars.

“We are absolutely definitely negotiating in good faith with GM to buy Saab,” Muller told a conference hosted by Automotive News in Detroit.

“They are considering offers very, very seriously.”

Muller said he is “not very concerned about all the steps that are being taken with the wind down” because they are consistent with the plan GM set forward after a deal to sell Saab to Swedish sportscar maker Koenigsegg.

General Motors announced on December 18 that it would wind down the brand which has barely turned a profit during two decades under GM ownership, but several groups have since made last-ditch bids for it.

They include Spyker, a group comprised of Formula One boss Bernie Ecclestone and Luxembourg investment firm Genii Capital, and a Swedish group fronted by the former chief executive of German truck manufacturer MAN and a former politician.

“If the sale of Saab doesn’t generate more than the wind down scenario costs, for them it’s clearly not attractive,” Muller said.

“So it was my job, our job, at Spyker to put forward a proposal that is attractive enough for them to reverse the position.”
[…]

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Saab Employees Rally At Saab Factory In Trollhättan

Posted on 12. Jan, 2010 by .

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Photo Credits: TTELA & GT

Thousands of Saab Automobile employees finally gather outside of the Saab Factory in Trollhättan, Sweden today according to TTELA & GT.

The protesters are carrying signs, including the “SAVE SAAB” logo I provided to some of them in an e-mail last night. Their sign however includes this but they added “SAVE SAAB from Ganster Motors, a play on GM”. Creative!

I’m glad our “SAVE SAAB” campaign in Detroit took off and inspired others around the world including Saab clubs and now Saab employees.

Good for them, send your message loud and clear!

Here’s TTELA’s story followed by GT’s below.

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TTELA

Thousands manifested outside Saab

TROLLHÄTTAN Save Saab, Saab save, save Saab!
Several thousand Saab employees gathered outside the main gate at noon to send a message to the owner of General Motors.
– Show us that you deliver what you promised!

For unions call down near 3 000 Saab employees up to a demonstration at 12 noon today. All left their jobs and marched out to the main gate. Banners reading “Saab has a soul, GM”, “Save Saab” and “General failure take” appeared in the crowds.
– We still believe in this and have constant contact with the bidders, “said Annette Hellgren, chairman of the Union, just before the demonstration started.

And people were furious at GM.

– It is pure torture from GM’s side, “said Rune Olsson, who worked 25 years at the factory.
The manifestation was short, but afterward sent the trade union representatives off a letter to GM’s CEO Ed Whitacre with an appeal to sell Saab

GT

Banners outside the factory spoke for themselves: “SAVE Saab from GM – Gangster Motors”, “Saab has a soul, the GM?” And “save jobs at Saab.”

– All are here, all 3 500 workers, both factory workers and officials, “says Borje Andersson, GT’s reporter on the spot.

During the manifestation of the letter was read out, in which the staff addressed to GM’s chief executive, Ed Whitacre.

– The letter requires the employees to GM will take responsibility for their employees and sell Saab.

They are demanding that GM will demonstrate the confidence of the employees, being a good employer, “said GT’s Borje Andersson.

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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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Saab Delays Board Meeting, GM Proceeds with Wind-Down

Posted on 07. Jan, 2010 by .

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Bloomberg indicates that Saab Automobile has delayed their own internal board meeting today as GM continues with wind down.

It’s all up to the EIB loan that the Swedish Government need to agree to now, if that does not happen, GM won’t be able to accept any of the bids coming in.

We have until 5pm today for those bids to come in, then we’ll have to learn if anything was accepted and ultimately if production will be restarted at the Saab factory on January 11th.

Read more below:

By Ola Kinnander

Jan. 7 (Bloomberg) — Saab Automobile AB, the Swedish brand being wound down by General Motors Co., postponed a board meeting to discuss production plans until tomorrow as its owner said a last-minute deal to sell the unit is unlikely.

The gathering, originally set for today, will examine whether or how to restart production Jan. 11 after a four-week break, board member Haakan Danielsson said. Board members haven’t received specific agenda for the meeting, which may also discuss any possible revised bids for Saab, he said.

“We have customers who have ordered cars, especially the 9-3” model, Danielsson, who is also head of Trollhaettan, Sweden-based Saab’s engineering union, said in a telephone interview. “We have the materials and we’ll just go out and build the cars unless we hear differently.”

GM has extended a deadline for Saab bids until today, giving Spyker Cars NV more time to come up with financing for its offer, people familiar with the matter have said. The Dutch super-car maker plans to submit a more detailed offer before a 5 p.m. deadline in New York today, CEO Victor Muller told Bloomberg News late yesterday.
[…]

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Saab & Spyker Meet With Swedish Government Today

Posted on 16. Dec, 2009 by .

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Photo Credit: Saab History

Goteborg, Sweden’s post indicates that Spyker & Saab Automobile are in a meeting with the Swedish Government today.

The people in the meeting are indicated to be Victor Muller of Spyker, Jan-Ake Jonsson of Saab Automobile and Joran Hagglund of the Swedish Government.

Here is the article loosely translated:

Swedish government in flash meeting with Spyker

General Motors has confirmed that the Dutch Spyker is the only remaining bidder for Saab. In short, the Swedish government meet with representatives of the Dutch sports car manufacturer.

– We are aware of the schedule last December, so it’s clear that we will do everything we can to really make sure that we, as negotiation, is the date, “said Secretary of State Joran Hagglund to Swedish Radio.

On Tuesday affirmed General Motors chief executive Ed Whitacre, the two options for the Saab. Either Dutch sports car manufacturer Spyker, who is said to be the only remaining bidder, over or so Saab is down.

“Unlikely”

Spykers CEO Victor Muller’s statement to the news agency, Dow Jones Newswire was more modest.

– I can not confirm that we are the only potential buyer of the Saab, but I think it is unlikely that there are other buyers left, “said Muller.

The Swedish government, which is well aware of the rough time frame, will shortly meet with representatives of Spyker. The government says it does not feel any pressure from General Motors.

– We have good cooperation with GM. We have been clear to them also about what kind of requirements we have. We want an owner of Saab, which is long and has a financial strength, “said Joran Hagglund

The government’s focus is now exploring whether Spyker has the financial resources needed to take over Saab.

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