Tag Archives: General Motors Co.

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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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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Bloomberg Reports That GM May Not Decide This Week

Posted on 29. Dec, 2009 by .

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This morning, Bloomberg is surprisingly reporting that, GM may not decide this week.

In speaking with Saab Automobile’s union leader, Paul Akerlund, the decision may be next week. Saab History has been in touch with Mr. Muller of Spyker Cars as well very early this morning when the news broke and learned that this is quite possible.

This puts the question into play, so what about the December 31st deadline? Is that still valid and if so, is it just GM’s response that will take place next week, assuming that if a deal is to be complete, it just needs to be submitted before this date?

If a decision is made next week, would be during their monthly GM board meeting which is presumably on or around the first week of the month?

Here is Bloomberg’s article below:

Dec. 29 (Bloomberg) — General Motors Co. is prepared to wait beyond the end of this week before deciding on the future of the Saab brand as it reviews remaining bids, according to Paul Aakerlund, a board member at the Swedish carmaker.

GM told Saab last week that it would wind down the unit and simultaneously continue talks with bidders about a sale, said Aakerlund, who also heads the IF Metall union at Saab. Negotiations to sell Saab to Spyker Cars NV collapsed Dec. 18 and Spyker Chief Executive Officer Victor Muller blamed the failed deal partly on a “strict deadline” for an agreement by Dec. 31. The Dutch carmaker submitted a new offer on Dec. 20.

“It’s our understanding that if there’s a bid that GM finds sufficiently interesting, then the 31st of December is not a date that’s holy,” Aakerlund said in a phone interview today.
[…]

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Beijing Auto to immediately start integrating Saab designs

Posted on 18. Dec, 2009 by .

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Reuters reports that Beijing Auto Industrial Company (BAIC) will immediately start integrating Saab designs.

This is very upsetting to say the least that there is someone benefiting from all of this.

Beijing Auto to immediately start integrating Saab designs

December 18, 2009 11:46 CET

BEIJING (Reuters) — Beijing Automotive Industry Holding Co. said on Friday it will immediately start integrating its newly acquired technology from General Motors Co.’s Saab unit into its vehicles.

BAIC, China’s fifth-largest automaker, plans to start production of its Saab-based own brand of cars as soon as 2011.

BAIC recently acquired the rights to vehicle platforms from Saab for an undisclosed sum. One newspaper report said that BAIC paid $197 million for the assets, which include the intellectual property and tooling for the current-generation Saab 9-5 and some IP from the 9-3.

The purchase was put together in just two weeks, after a larger deal unravelled that would have seen a group led by Sweden’s Koenigsegg Group AB buy all of Saab. BAIC had been a part of Koenigsegg’s bid.

“We will start integrating right away,” Gu Lei, president of BAIC’s technology center, told reporters at a news conference. He added that commercial production for vehicles with the newly acquired technology could start as soon as mid-2011.
[…]

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Spyker Cars Says EIB Loan Is Biggest Problem

Posted on 17. Dec, 2009 by .

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Bloomberg reports that Spyker CEO, Victor Muller says that the European Investment Bank (EIB) loan is their biggest problem.

Evidently, this is the most time consuming aspect of the entire deal for the company. In addition, the CEO also indicates that the EU and the Swedish National Debt Office are also slow to move on things.

What I am concerned with is that most of these places are entering the holiday season at this time, so will they be even slower? When you hear a quote from the EIB stating that ” It’s possible that the European Commission will reach a decision this month” , it makes you wonder if they really care to get this resolved by December 31st? If they don’t grant the loan before then, and the deal is not signed immediately following the loan being granted, it’s over.

Furthermore, one would have thought that all of these parties would have been motivated to work harder, faster & smarter since the Koenigsegg failed due to all of these parties moving slower to begin with. We can’t have a repeat of the same process again, only to be bottle necked again by the same slow-moving bureaucracies.

Here’s hoping that the EIB, EU and the SNDO can get their act together ASAP.

Spyker CEO Says EIB Loan Is Biggest Saab Deal Hurdle (Update1)

Dec. 17 (Bloomberg) — Spyker Cars NV’s plan to buy General Motors Co.’s Saab unit hinges on the European Investment Bank approving a loan before the end of December, the Dutch luxury-car maker’s chief executive officer said.

GM and Spyker are not the “potential problem for this transaction,” Victor Muller said in a phone interview from his home in Amsterdam today, adding that winning EIB support before year-end is the biggest obstacle. So far, the European Union’s lending arm has sent “neutral signals” on approving a 400 million-euro ($574 million) loan that is key to the sale and which the Swedish government must guarantee, said Muller.

“It’s mainly now down to the government agencies,” Muller said. “That’s really the main issue. We’re getting lots of support from the Swedish government.”

Spyker, the maker of $235,000 sports cars, emerged as the frontrunner to buy Saab this month after Koenigsegg Group abandoned its bid on Nov. 24. GM’s Chief Executive Officer Ed Whitacre said on Dec. 15 that the Detroit-based carmaker will shut the unit if it doesn’t reach a deal with Spyker by the end of this month. GM has separately agreed to sell some technologies for Saab’s 9-3 and 9-5 models to Beijing Automotive Industry Holding Co.

The EIB was not immediately available for comment.
[…]

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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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Swedish Government Still Prepared To Guarantee EIB Loan

Posted on 28. Nov, 2009 by .

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The Wall Street Journal indicates that the Swedish Government is still prepared to Guarantee EIB loans.

In addition, Jöran Hägglund, Sweden’s state secretary that has been fighting for Saab’s success since January, will be heading to Detroit again early this week to talk with GM prior to their board meeting on Tuesday.

Here’s hoping all is going to be positive early week as it sounds like support systems are in place short of a secured buyer.

STOCKHOLM (Dow Jones)-

A Swedish government delegation will travel to Detroit early next week to discuss Saab Automobile AB’s future with General Motors Co., an official said. State Secretary Joran Hagglund, the Swedish government’s main liaison to the auto industry, said Friday that Sweden was still prepared to act as Saab’s guarantor to loans from the European Investment Bank if required by the EIB. Hagglund himself will be part of the delegation to Detroit next week.
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