Tag Archives: Koenigsegg Group

Saab History Hears From European Investment Bank

Posted on 08. Jan, 2010 by .

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Saab History hears from the folks at the European Investment Bank. It seems now that they are deferring all questions, to the Swedish Government who aren’t listening.

These offices within the Swedish Government are all of the ones that the Koenigsegg Group who terminated their interest back in November referred to as slow and unable to get things done. This is totally unacceptable folks, I can’t see this playing out the same way again. You would think that these offices would have figured it out the 2nd time, third and so forth.

I hope we’re surprised and they get it done. Here’s the EIB’s response below.

As the question regarding confirmations to potential bidders from the Swedish Government is handled by the Swedish Ministry of Enterprise, Energy and Communications and the Swedish National Debt Office I would suggest that you contact them for information on this issue.

As we have no insight in GM’s decision making regarding the sale of SAAB, we cannot respond to your second question.

Please check the link for contact details. I hope they can help you.

http://www.sweden.gov.se/sb/d/2067

Kind regards,

/Anders

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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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Eker Design Group Sends Saab Aero-X-Mass Holiday Wish

Posted on 24. Dec, 2009 by .

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eker

Eker Design Group, the company owned by Bård Eker of the Koenigsegg Group that previously withdrew their bid to buy Saab back in November, sends an early holiday wish to Saab with card Saab History received from them.

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SPYKER TALKS COLLAPSE, GM TO WIND DOWN SAAB!

Posted on 18. Dec, 2009 by .

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I never thought that this day would happen, Spyker talks Collapse and Saab Automobile is closing.

Every news source is covering this right now, so more will be forthcoming but really what can we really say at this moment.

It’s an incredible sad time for everyone right now, and my heart and mind goes to all of us that have been trying to ensure Saab Automobile has a bright future.

Here’s GM’s Official Press Release:

Saab Sale Cannot Be Concluded Brand to be Wound Down

2009-12-18

Detroit. General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations.

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world.

As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale.

As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands – Buick, Cadillac, Chevrolet and GMC – and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model.

A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time.

Call-in-details are as follows:
Teleconference Dial-In Number(s) for Media:
United States: (800) 230-1059
International: (612) 234-9960
No Passcode required. Operators will request Name & Affiliation

General Motors Company, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall, Wuling and Jiefang. More information on the new General Motors Company can be found at www.gm.com.

# # #

Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

John McDonald
General Motors Company
Phone: 313-667-3714
Mobile: 313-418-2139
john.m.mcdonald@gm.com

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Saab History Learns More About BAIC Deal

Posted on 15. Dec, 2009 by .

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Saab History has learned more details about the BAIC deal to buy the technology from the old 9-3, acquire the MY06-MY09 9-5 Sedan & SportCombi models as well as powertrain.

The first come from an insider that has indicated that in terms of the 9-3, it was technology from the MY05 model year and not 04 as mentioned below.

The second comes from TTELA once again with their own details below.

– We have talked to our potential buyers who think this is a good approach, “says Mats Fägerhag, which was the main person at Saab to bring together the deal with the Chinese.

Work has been going on since Week 37 and from the beginning it was conceived as a joint venture with Koenigsegg Group. When the group withdrew [from the Saab deal] Saab and BAIC continued the discussions, which have now led to this Agreement.

Purchase rights

The agreement means that BAIC will buy production tools to the old Saab 9-5, and technology from both 9-5 and 9-3.

– You buy drawings and technical documents with rights to build cars in China, says Fägerhag, and continues:

– But they will not copy the cars. They should make their own cars, adapted for the local market, based on 9-5 and 9-3 of the model year -04.
[…]

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Jan Åke Jonsson Sends Letter To Saab USA Dealers

Posted on 11. Dec, 2009 by .

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Jan Åke Jonsson Sends Letter To Saab USA Dealers

Dec 11th 2009

Dear Saab Automobile USA Dealer,

It is probably an understatement if I say that the last few weeks have been challenging. The exit from the sale process by the Koenigsegg Group was a big surprise to all of us. In particular, given the good progress that was made during months of intense negotiations. That is now history and we need to, with great speed; attempt to secure our future through another buyer.

The decision by the GM Board was the best that we could have hoped for. As a consequence, we are now in intense negotiations with potential candidates with an ability and willingness to become our new owner. All parties, including the Swedish government, are now very focused on running not only in the same direction but, more importantly, with even greater speed. Before the end of the year, we have to identify a new owner for Saab, but also be very close to finalizing the deal. The good news is that a lot of work needed to close a sale has already been done through the previous negotiations.

I understand it is not completely ‘business as usual’ but I wanted you to know that limited production is running and the development of the new 9-5 continues. About two weeks ago, the first 2010 9-5 came off the line in Trollhättan with a very high quality level.

We know that we will have a decision very soon and I appreciate your continued loyalty and commitment as that is what provides the basis for the start of a new Saab.

Thank you.

Saab Automobile AB
jaj

Jan Åke Jonsson
Managing Director

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Spyker Cars Visits Saab Headquarters In Sweden

Posted on 09. Dec, 2009 by .

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spyker1.jpg

Photo Credit: Sebastian LaMotte / TTELA

Spyker Cars have been noticed visiting Saab Automobile’s headquarters in Trollhattan Sweden yesterday, according to TTELA.

It looks like the group from Spyker were getting a tour of the facilities while meeting with Saab Automobile leadership including Jörgen Nylén who drove them in a Saab 9-3x

I am really hoping that Spyker cars can seal the deal and fast.

Spyker cars visited Saab

TROLLHÄTTAN Here is picture proof that the Dutch Spyker Cars is one of the stakeholders who are still in the picture to buy Saab. Yesterday, the company was on a visit to Trollhattan to take a closer look at Saab.

It has been speculated frequently in recent days about the stakeholders who is still in discussions to buy Saab, and which ones have fallen away.

Koenigsegg Group’s defection opened for new entrants. Such is the Dutch sports car manufacturer Spyker Cars, which in early December came in as a new hot candidate to take over Saab.

As TTELA said last week, Spyker has confirmed on its website that its major shareholder Convers Group in the back, negotiating with GM to buy Saab.

And Spyker Cars is demonstrably still under discussion. For last Tuesday, while the Enterprise and Energy Maud Olofsson (C) and Minister for Employment, Sven Otto Littorin (M) held a press conference in City Hall Trollhättan, were representatives from Spyker Cars arrive at the Saab Car Museum in conjunction with representatives from Saab’s leadership.

One of them was Hans Go, Controller and Board of Spyker, who stepped out of a car driven by Jörgen Nylen. Probably got Spyker Cars is the same review of Saab as a dozen other stakeholders, including the Koenigsegg Group, received last spring.

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European Investment Bank Says Loan Still Available For Saab Automobile

Posted on 26. Nov, 2009 by .

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Joe Oliver, at Saab Automobile has indicated that the European Investment Bank say that the loan still applies for Saab should a new owner come in even though the Koenigsegg Group terminated their agreement to purchase Saab. as referenced on realtid.se

This is positive news especially with a company that may or may not even need extra money. A good incentive with most of the application legwork already done can only be a positive at this time and nice to know the loan was not unique to the Koenigsegg Group.

EIB’s decision to loan to Saab of 400 million still applies, says EIB Eva Srejber to Realtid.se. Koenigsegg-defection alters nothing – but a new analysis should be done.

Eva Srejber, vice president of the European Investment Bank and former relay Riksbank (99-07).

EIB loan agreed in late October, and is addressed to Saab and not to the Koenigsegg Group, explains Eva Srejber. Thus, it freezes not because of Koenigsegg Group on Tuesday announced the defection.

– The ownership change is not unusual for us, when we make such an analysis of the new owners, “says Eva Srejber, which since July 2007 is one of nine members of the European Investment Bank’s management team, and as such responsible for the Bank’s financing activities in Sweden.

– It was a loan to Saab, and the analysis was that Koenigsegg Group would enter the new owner.

But that now is not so alters not loan: a condition that the sports car manufacturer Saab will take is not in the loan agreement between the Bank and Saab Automotive AB.

Will GM be able to count on the Bank-million?

– It depends, I can not say about the future ownership of Saab. But we will do a new analysis of the future ownership picture, when it clears.

Can conditions be changed?

– Yes, in light of the strength of the future ownership picture.

For all EIB loans, there should be a “non-objection from the European Commission and the Government of the country the investment is made. In addition occurs. if there is a state guarantee, a state aid investigation, which ran in the European Commission after the Bank took its lending decisions. In the process, however, was not involved, the EIB, but it is a process between the Commission and the Government:

– Non-opposition to the loan per se is finished, because it is part of the treatment before it is entered into our board, “says Eva Srejber.

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