Tag Archives: luxury carmaker

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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Dagens Industri Reports Saab May Not Get Full EIB Loan

Posted on 30. Sep, 2009 by .

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Swedish Newspaper, Dagens Industi reports that Saab may not get the full EIB loan as syndicated on Reuters today.

There are conditions apparently that may not exactly fit the loan lending rules, but this is from an unnamed source, so take this news lightly until we hear otherwise from official channels.

Saab may not get full EIB loan – paper
Tue Sep 29, 2009 5:16pm EDT

* $612 mln loan is key to Koenigsegg acquisition plans

* Questions whether some projects fit EIB lending rules

* Concerns remain over Koenigsegg’s ability to buy Saab

STOCKHOLM, Sept 29 (Reuters) – Ailing Swedish car firm Saab, being sold by General Motors [GM.UL], may not get the full 4.3 billion Swedish crown ($612 million) loan it has asked for from the European Investment Bank (EIB), daily Dagens Industri wrote on Tuesday, quoting an unnamed source.

The loan is key to plans by luxury car maker Koenigsegg to buy Saab, but the EIB is doubtful whether some of the group’s projects to develop environmentally friendly technology are within its remit for lending.

The EIB could lend Saab much less than the car maker wants, the paper wrote.

“There are questions about whether a number of development projects fit with the EIB’s rules for lending,” the paper quoted a source with insight into the process saying.

Koenigsegg, backed by U.S. and Norwegian investors, struck a preliminary acquisition deal earlier this year, but concerns have continued to surface over whether it had the financial muscle to buy and run Saab.

Koenigsegg is in talks with Sweden to secure state guarantees for the EIB loans.

But Dagens Industri said that questions had also been raised regarding the value of collateral that would be placed with Sweden’s Debt Office to secure a guarantee from the
government.

“There is a discussion as to whether Saab’s assets shouldn’t be valued at their worth in the event of insolvency rather at market value,” the source said.

“In that case, the collateral would not be enough security for a loan of 4.3 billion crowns.”

Koenigsegg Chief Executive and part owner Christian von Koenigsegg told Reuters on Saturday there was good progress in talks to secure the guarantees and the group aimed to finalise Saab’s acquisition by the end of October. [ID:nLQ720794]

He played down a report that Koenigsegg could pull out of the deal unless there was progress on securing loans by Wednesday.

This month, Koenigsegg said state-run Beijing Automotive Industry Holdings would take a minority stake in the luxury carmaker as part of its planned purchase, easing funding
worries.

Swedish state secretary Joran Hagglund told Reuters on Tuesday he hoped the EIB would decide on the loan on Oct. 21 or the day after.

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U.S. Investors May Be Involved In Saab-Koenigsegg Deal

Posted on 13. Jun, 2009 by .

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Forbes via Reuters are now claiming that U.S. investors may be involved in the Saab-Koenigsegg deal that is underway.

I think this recent news makes the low volume supercar manufacturer, Koenigsegg more credible due to financial backing. The question now is who are these U.S. investors, perhaps the Wyoming based Merbanco group that we learned about last week?

STOCKHOLM, June 12 (Reuters) – U.S. investors may be among those backing Swedish luxury carmaker Koenigsegg in a purchase of General Motors’ loss making unit Saab, a Swedish news agency reported on Friday.

A source told Reuters this week that Swedish carmaker Saab has struck a preliminary deal with Koenigsegg to take over the loss-making GM brand.

‘According to sources Koenigsegg has the backing of Norwegian and U.S. investors,’ Swedish news agency E24 said on its website.

Saab Automobile, which was put up for sale by its now bankrupt U.S parent earlier this year, had been in talks with two or three bidders in the past weeks and has declined to comment on reports that it had signed a preliminary deal with Koenigsegg. Keywords: SWEDEN SAAB/

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Saab Automobile Down To Two Possible Buyers?

Posted on 03. Jun, 2009 by .

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Saab Automobile AB’s Managing Director, Jan-Ake Jonsson indicates that the company is now down to two possible buyers in an interview conducted with Dagens Industri via reuters.

Here’s hoping that one of those possible buyers at this time is Koenigsegg, the other, who really knows at this point as they were apparently one that was part of the original 27 bidders.

It’s really getting down to the wire, and hopefully it will be disclosed shortly. We must continue to respect the process, it’s in our interest, but it’s still tough to continue to wait.

While waiting is one thing, the articles that continue to include “loss making unit” are also starting to annoy me. I hope that people begin to change their tone and give Saab Automobile a break, it was GM that caused this trouble for them, not themselves. Here’s hoping that when their new buyer comes, they will be more optimistic and positive.

STOCKHOLM (Reuters) – General Motors Corp’ Saab Automobile unit has narrowed talks with potential buyers for the loss-making Swedish brand to two, Saab’s top executive was quoted as saying in a Swedish business daily on Tuesday.

“Now we are negotiating with just two parties,” Saab’s chief executive, Jan-Ake Jonsson, said in Dagens Industri.

Jonsson said final negotiations with one of those two potential suitors could start this week.

“This can go fast now and should absolutely be wrapped up in a maximum of two weeks,” he said in the report, adding a letter of intent with a “serious buyer” could be ready before mid-June.
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