Tag Archives: spokesman

Saab Automobile Board Meeting Rescheduled For Tomorrow

Posted on 07. Jan, 2010 by .

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As reported this morning, Bloomberg indicates that the Saab Automobile AB management board meeting has been rescheduled for tomorrow to take in additional last minute efforts for other bidders to buy Saab.

The discussion tomorrow will not only include the bidders, but also whether or not to start production this Sunday, January 11th as stated previously.

They have some additional coverage of our “Save Saab” gathering in Detroit, which is again nice to see.

Here is the article below:

Jan. 7 (Bloomberg) — Saab Automobile AB, the Swedish carmaker being wound down by General Motors Co., postponed a board meeting and bidders including Spyker Cars NV are making last-ditch efforts to buy the brand as a sale deadline looms.

The gathering, originally set for today, will take place tomorrow and examine whether or how Saab can restart production Jan. 11 after a four-week break, board member Haakan Danielsson said an interview. Board members may also discuss any possible new bids for Saab, he said.

GM has extended a deadline for Saab bids until today, giving Spyker more time to come up with financing for its offer, people familiar with the matter have said. Genii Capital, a private-equity firm that agreed to buy a majority stake in Renault SA’s Formula One team last month, intends to hand in a cash offer today, according to Lars Carlstroem, the Swedish investor who is working with Genii.
[…]

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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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GM’s Ed Whitacre Confirms Spyker Is Sole Saab Bidder

Posted on 15. Dec, 2009 by .

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TTELA & Detroit News report that GM’s new Chairman, Ed Whitacre has confirmed that Spyker is the remaining sole Saab bidder. When asked about his thoughts about the Saab sale, he said “We’ve got our fingers crossed,”.

Here’s the article below loosely translated by Google.

Spyker Saab alone buyer

Dutch Spyker is the only remaining speculator at Saab, said General Motors Chairman Ed Whitacre on Tuesday.

He also believes that it is possible to effect the sale of Saab Spyker prior to the deadline in late December to January, which GM has set up, according Reuters.Whitacre also found in a roundtable with reporters at GM’s headquarters in Detroit that if sales to Spyker put option is that Saab is down.

From Spykers side had on Tuesday night, absolutely no new information about a possible purchase of Saab.

– I can not say anything. We have no comment, said spokesman Mike Spykers of Stainton PR told TT.

Whatever the case, if there were new developments in the negotiations, the schedule or the future direction of Saab, so the response was the same.
– No comment.

Stainton did not go beyond what the company said December 2 when it admitted that it had held talks with General Motors on the Saab. Otherwise, it was also the time “no comment”.

– We can not comment on the task until we have received information from the company, “said union chairman of the Union Anette Hellgren.

– We know of course that the process is complete and we are waiting for a reply, and hope that it will be before Christmas.

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G.M. To Decide The Fate Of Saab Automobile Next Tuesday

Posted on 25. Nov, 2009 by .

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The New York Times & Bloomberg report that GM will be holding a board meeting next Tuesday, December 1st where they will ultimately decide the fate of Saab Automobile.

Nov. 24 (Bloomberg) — GM’s board will review the future of the bankrupt unit at a Dec. 1 meeting, said the person, who asked not to be identified because the talks aren’t public. Directors could opt to keep Saab, as they did earlier this month in scrapping the sale of the Opel division in Germany, the person said.

Today’s pullout by Koenigsegg, which said it ran out of time to complete a deal, is the third brand sale to falter since GM’s July 10 bankruptcy exit. GM backed out of the Opel sale to a group led by Magna International Inc., and Penske Automotive Group Inc. withdrew in September from a plan to buy Saturn.

“What this indicates is it’s a pretty tough car market,” said Jim Hall, a principal at consultant 2953 Analytics in Birmingham, Michigan. While Detroit-based GM cut liabilities in the U.S. while in Chapter 11, “in Europe it’s a whole other story because they didn’t get this similar cleansing.”

GM began getting indications of a possible snag over the weekend, and Koenigsegg’s board decided yesterday to back away, the person said.

The Swedish company had sought to obtain in advance all 400 million euros ($600 million) of financing approved by the European Investment Bank, while the lender planned to disburse the funds in tranches, said a second person who was familiar with those negotiations.

‘We Believed’
[…]

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Sale Of Saab Unit By GM, Unaffected By Opel U-Turn

Posted on 04. Nov, 2009 by .

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The Wall Street Journal has reported via Saab Automobile’s Eric Geers, that the sale of Saab Automobile by GM to the Koenigsegg Group remains and is unaffected by the recent Opel developments.

GM’s Sale Of Saab Unit Unaffected By Opel U-Turn

STOCKHOLM (Dow Jones)–General Motors Co. remains committed to selling its Saab Automobile unit to Sweden’s Koenigsegg Group AB, Saab spokesman Eric Geers told Dow Jones Wednesday.

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Saab Automobile-Koenigsegg Deal Financing Complete

Posted on 08. Sep, 2009 by .

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Reuters and the Associated Press have recently received indications from the Swedish Government’s Joran Hagglund that Saab Automobile & Koenigsegg’s financial plans have been completed and as we already have recently found out, as there was no funding needed from the government to secure the deal.

This confirms what we heard earlier so now we just need to get the confirmation that everything is a go either by the end of October from all accounts I am hearing.

Here are the pieces from both Reuters and the AP, stating that the the financing is complete and that the deal will be ready by October 31st. This is good news for the first day of the new week!

STOCKHOLM, Sept 7 (Reuters) – Luxury sportscar maker Koenigsegg has presented the Swedish government with a new plan for financing its purchase of Saab Automobile [GM.UL], a government official said on Monday.

State Secretary Joran Hagglund told Reuters the plan no longer involved any extra loan from the Swedish state on top of guarantees for funding from the European Investment Bank. He declined to comment on the details of the plan.

“They have presented us with a plan … we will look at it from our side and decide how credible it is,” Hagglund said.

“As I understand it, they will present information on the matter in the coming days.”

(Reporting by Victoria Klesty)

Koenigsegg secures financing for Saab deal

STOCKHOLM

Koenigsegg Group AB has secured the extra financing needed to complete the acquisition of Saab Automobiles from General Motors Corp., the Swedish government said Monday.

Joran Hagglund, a senior official at Sweden’s Ministry of Enterprise, told Swedish Radio that the consortium headed by sports car maker Koenigsegg has presented a financing plan for the deal to the government.

Koenigsegg Group signed a deal to buy the troubled Swedish car brand from GM in August, but said about 3 billion kronor ($417 million) were missing before it could conclude the deal.

Around the same time, documents filed with the Swedish Companies Registration Office revealed that San Diego-based investor Mark Bishop had opted out of the deal. Bishop had initially been registered with a 22.2 percent ownership share in Koenigsegg Group.

Hagglund said the government is now reviewing the details of the financing plan, but didn’t reveal who was injecting the extra cash.

Saab spokesman Eric Geers said the company would present the new investor shortly and said it expects the acquisition to be completed before Oct. 31.

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GM’s Premium Channel VP, Mark McNabb, Resigns From General Motors After Only 13 Months

Posted on 22. May, 2009 by .

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GM’s Premium Channel VP, Mark McNabb, the one that has been writing all of the letters recently to Saab Automobile dealers, has just resigned after 13 months.

It’s interesting, because he has resigned just before June 1st, when GM needs to prove that they are restructuring properly so that they aren’t forced into bankruptcy. I am guessing that he’s leaving with his golden parachute before GM goes belly up on June 1st.

Here’s the piece from the Detroit News.

This leaves just Steve Shannon, as the only one spending some of his day with Saab in the United States. That’s effectively all that Saab USA is today, but that’s under the old GM regime, which I hope will be changed with the new Saab just around the corner.

Detroit — Mark McNabb, vice president of General Motors Corp.’s premium Cadillac, Hummer and Saab brands, has resigned after 13 months with the automaker, the company said Thursday.

He will be replaced on an interim basis by Stephen J. Hill, general sales manager for GM’s premium channel.

Prior to joining GM, McNabb was a senior vice president for sales and marketing at Nissan North America.

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Earlier this month, GM warned there would be cuts among the ranks of salaried employees and executives, but a company spokesman said it was McNabb’s decision to leave.

“He elected to pursue other career opportunities,” Cadillac spokesman Klaus-Peter Martin said Thursday. “A big part had to do with he wanted to be closer to his family,” in New Jersey.

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Sweden’s Green Party Approves Saab Automobile’s Sustainable Future

Posted on 15. May, 2009 by .

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ttela_green_party.jpg

Photo Credit: TTELA

TTELA indicates that Sweden’s Green political party has indicate just how good they feel about the future of the sustainability efforts of Saab Automobile AB.

Here is a rough translation again thanks to google below.

“State feels better now,” Peter Eriksson’s view after the Saab-visit

TROLLHÄTTAN After a progress report on the speculators and the production is The Green Party spokesman Peter Eriksson determined in its view on Saab’s future.
– Hope has been strengthened, he stated on the ground in Trollhättan factory.

Fresh information and a tour of the production was spokesman to express confidence in Tuesday’s Saab-visit.

– State feels better now than it has done previously, he announced, without disclosing what the CEO Jan-Ã…ke Jonsson and IF Metall klubbordförande Paul Ã…kerlund revealed.
As TTELA told yesterday several speculators will now be prepared to go deeper into the negotiation of an ownership. All will also, reportedly, have promised to increase production in Trollhättan.

– Thus, it may be appropriate to ask the government to listen. To stop adding trip, made Peter Eriksson was clear that he stands by his criticism that “the government failed Saab”.

– Here, they can build cars, continued Eriksson and nodded towards the factory. It is enough that in Stockholm who do not believe it …
[…]

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