Tag Archives: Merbanco

Saab Automobile AB Management & Swedish Government Delegates Arrive In Detroit Prior to GM Board Meeting

Posted on 30. Nov, 2009 by .

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The Saab Automobile management board along with delegates from the Swedish Government will be in Detroit Monday, a day prior to the GM board meeting on Tuesday, December 1st where the fate of Saab will be determined.

It will be at GM’s HQ where Jan-Ã…ke Jonsson and others from Saab Automobile will be giving a presentation on the future of the company.

Here’s the article from Sweden’s The Local

Swedish officials in last ditch Saab rescue plea

A Swedish government representative is due to land shortly in Detroit to provide input to the General Motors (GM) board ahead of a Tuesday meeting where it is expected to decide the fate of Saab Automobile.

State secretary Jöran Hägglund of the Ministry of Enterprise, Energy and Communications (Näringsdepartamentet) is set to meet the GM top brass on Monday in what is viewed as a last ditch effort to convince the US automaker to pick a solution other than shuttering Saab for good.

Hägglund traveled to Detroit on short notice as part of a delegation from both his ministry and the Swedish Ministry of Finance.

When the GM board meets on Tuesday to formulate its decision, it will hold the future of roughly 4,000 residents of Trollhättan in western Sweden in its hands, as well as the fates of an additional 4,000 workers throughout Västra Götaland.

Saab CEO Jan Ã…ke Jonsson criticized the government last week for not doing enough to save Saab, which unions also charged in even more pointed language.

Hägglund’s meeting with the GM leadership is an effort to sort out any remaining questions and give the Detroit bosses insights into the facts following the drawn out and now collapsed process with Koeningsegg.

“Another important mission to also to try to determine what sort of financial muscle the prospective buyers have,” Hägglund told Svergies Televsion (SVT) in a pre-taped segment which broadcast on Sunday night.

Hägglund has previously confirmed that there is interest in taking over Saab from several potential suitors, but he refused to divulge any names.

In the meantime, one name has emerged – that of the American investment group Merbanco.

But the interest remains only if it’s possible to avoid a new, six-month long process, Merbanco CEO Christopher Johnston told the Reuters news agency.

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Swedish Government Confirms Speculated Saab Bidders

Posted on 30. Nov, 2009 by .

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The Swedish Government following GM, has now officially confirmed the speculated Saab bidders, but has not indicated exactly who they are, if different from speculated bidders BAIC, Merbanco & Renco, according to Stockholm News.

Jöran Hägglund, a Swedish Government official who will be in Detroit on Monday, has indicated there are buyers.

Please read the rest of the details below:

Government confirms more potential SAAB buyers

The rumors about other potential owners to the Swedish car manufacturer SAAB is now confirmed also by the government.

Undersecretary Jöran Hägglund confirmed this today but at the same time, he did not want to sound too hopefull. Hägglund will now go to Detroit for intense negotiations with GM before their board meeting on Tuesday. The negotiations with the other potential buyers take place in parallel to this.

– We have contact with several stakeholders, partly we describe the instrument we have, but also to see what they have to offer and how their plans are for SAAB, Hägglund says to Swedish Public radio channel SR.

To the question from SR of whether we can still have hope for SAAB, Hägglund said:

– I have repeated that the whole time. Since they say at GM that they have no given up, I think this is what should guide us here also.

Undersecretary Hägglund does not want to give any details on which stakeholders he refers to, but according to SR the investment group Merbanco is still interested.

Already tomorrow, Hägglund will meet several important persons in GM in Detroit which he values very much before the board meeting on Tuesday.

– For us this is important. We have had running and intense contacts with GM for a long time now. But is is crucial for us to clear out all the facts before their board meeting. There must be no vagueness about what economic securities we can offer. It is also important for us to have a chance to speak our mind to them, sayd Mr. Hägglund to SR.

(note that the quotes are translated from Swedish and not exact)

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