Tag Archives: spokesperson

Genii-Capital & Bernie Ecclestone Concede Bid For Saab

Posted on 25. Jan, 2010 by .

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Saab History has just heard that Genii Capital Group & Bernie Ecclestone have conceded their bid for Saab according their spokesperson, Lars Carlström.

Here is a quote from them as provided to Bloomberg recently.

“We have worked hard, unfortunately time was not on our side,” Lars Carlstroem, the Swedish investor working with Genii, said in a phone interview today. “We are pleased to hear about Victor and his attempt to buy Saab. He’ll be a perfect owner for Saab going into the future.”

What’s surprising about this is that, Spyker has not completed the purchase negotiations for Saab, so this seems premature, unless GENII know that Spyker will complete the deal one would think?

Update: Lars Carlstrom of Genii has recently indicated to Saab History that “If situation changes, Genii are further interested in exploring the possibility.”. So there still could be a plan B, if need be.

Genii Capital concluded today that the timing of the bidding process for Saab is incompatible with implementing a solid business platform for the future

Luxembourg, January 25, 2010

Following a period of intensive study and evaluation, Genii Capital is now in a position to release its conclusions on the situation of Saab Automobile AB.

Saab is an exclusive brand with strong potential, based on the capabilities of a highly skilled workforce. This attracted Genii Capital to the opportunity to acquire a majority stake in Saab, based on implementing comprehensive, innovative industrial and financial foundations for the future in order to best meet the challenges the company will face in the future.

Genii Capital was brought into the year-long bidding process for Saab just three days before the closing deadline. During this year, Saab Automobile AB had been engaged in a partial shutdown
process as a result of the length of the negotiations.

Genii Capital is in a position to move quickly and aggressively, but building solid partnerships for the long term demands both time and intensive work. Unfortunately, Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction.

Genii Capital would like to extend its thanks to: its partners for their enthusiastic, dynamic and sincere commitment; those parties, especially from Sweden, who aided us in understanding the
situation of Saab Automobile AB; GM for its cooperation and concern for the successful future of Saab Automobile AB.

Genii Capital wishes Saab Automobile AB and its workforce a bright future and will continue to monitor with interest the company’s situation.

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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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Spyker Cars Is Said To Be Favorite Amongst Bidders

Posted on 11. Dec, 2009 by .

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skyker
Photo Credit: Spyker Cars

According to TTELA, Spyker is said to be the favorite candidate out of the parties interested in buying Saab Automobile.

Here’s the article below, loosely translated.

Spyker said to be favorite

TROLLHÄTTAN – Updated 18:09 – Spyker Cars pulls up in pole position when General Motors is now close to deciding for whom to negotiate with the end to buy Saab Automobile, said a source told news agency TT.

According to the stakeholders that GM will be under way to choose an operator who has experience in automobile manufacturing, but on a smaller scale. It should not be a new name, but a company that has omskrivits for their interest.
The data suggest that the Spyker Cars is GM’s favorite.

The company reported discussing buying Saab in its entirety. The plans are to pursue a full-scale car production in both design and development and manufacturing in Sweden.

After GM’s board last week gave Saab a deadline to the end to find a potential buyer walked Spyker Cars spokesperson out and confirmed that it held talks with GM.

The Dutch company has several similarities with the Koenigsegg Group, who surprisingly dropped out of the store for just over two weeks ago.
Like the Koenigsegg is a small loss of weight sports car manufacturer. Spyker produces around 50 super-luxury sports cars per year. Over the past five years, the listed company has gone back every year. Last year, landed the loss of 23.8 million euros, equivalent to 250 million.

Spyker is behind the Russian financier Vladimir Antonov – which is a major shareholder in a Russian and a Lithuanian bank. There are also Arab interests through Mubadala, an investment company from Abu Dhabi, which saved the company away for bankruptcy two years ago.
Spyker Cars has today 135 employees at its facility in Zeewolde in the Netherlands. But in November the company announced that production at the end of the year should be transferred to the subcontractor CPP in Coventry in the UK cost-cutting.

From Spyker Cars is one with scant comment. Mike Stainton, the public relations company PFPR Communications, which handles media relations, neither confirm nor deny if Spyker entered deeper into negotiations with GM.

– I can not give any information about how the negotiations go, “he says.

But he insists that Spyker is still interested in buying the Saab Automobile.

– The statement from last week in which Spyker Cars confirmed to be agreed with the owner Convers Group has expressed interest in Saab, has not changed, “says Mike Stainton.

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Saab Automobile’s EIB Loan With European Commission

Posted on 05. Nov, 2009 by .

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Here’s an article from The local about Saab Automobile’s EIB Loan process with the European Commission.

Please note this was written by the Local, not expressing any opinions or facts.

An emergency loan vital to completing the sale of Saab Automobile has been held up by questions from the European Commission, possibly jeopardizing the proposed deal.

The Commission has a number of questions about the state guarantees provided by Sweden in connection with the loan, which recently won approval from the European Investment Bank (EIB).

The scrutiny from officials in Brussels means the deadline for final approval of the loan could be pushed back as late as January.

Saab’s current owners, US-based General Motors (GM) has been clear about wanting to sell the troubled unit by the end of the year at the latest.

Having the loan in place is a prerequisite for luxury Swedish carmaker Koenigsegg and China’s BAIC to complete their proposed purchase of Saab.

According to a document reviewed by the TT news agency, the European Commission wants assurances that Saab did not have economic problems last summer which could have impeded eligibility for state subsidies.

In addition, the Commission wants additional information about the model used by the National Debt Office (Riksgälden) in showing that Saab was eligible for state guarantees for the entire loan.

The Swedish government can only begin to examine whether it will actually guarantee the approximately 4 billion kronor ($570 million) loan after the Commission issues its ruling.

Until then, Saab won’t have access to the money and the deal which would make Koenigsegg Group the automaker’s new owner can’t be completed.

An initial agreement signed by GM and Koenigsegg Group in June included language stipulating that the deal would be completed by the end of September.

Earlier this autumn, Saab CEO Jan Ã…ke Jonsson warned that the sale would not be complete until the end of October.

Now Saab spokesperson Eric Geers has indicated that a few more weeks may elapse before pen can be put to paper – but everything hinges on a decision from the European Commission.

After receiving the additional information now requested from Sweden by the Commission, it has two months to issue a ruling on whether or not to approve the loan.

With the material not expected to be in the hands of the Commission before November 17th, it may take until January for a final ruling, although the Commission may reach a decision earlier.

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Bloomberg Reports Saab Automobile’s European Investment Bank Loans May Exceed $600 Million

Posted on 11. Aug, 2009 by .

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Bloomberg who interviewed Saab History back in February immediately following Saab Automobile’s entrance to recontruction, learned that the European Investment Bank loans may be larger than originally sought.

Here is an excerpt from their interview with Haakan Lind, a Swedish Government spokesperson today.

Aug. 11 (Bloomberg) — Saab Automobile, the Swedish carmaker being sold by General Motors Co., may be able to get state guarantees for loans from the European Investment Bank that exceed the $600 million originally sought.

Saab and Koenigsegg Group, which intends to buy the manufacturer, are having discussions with Swedish officials that are primarily focused on guarantees by the National Debt Office for EIB loans, Haakan Lind, a government spokesman, said in a telephone interview today.

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Saab Automobile’s Spokesperson Says Koenigsegg-Saab Deal Will Be Done At End Of Third Quarter

Posted on 10. Aug, 2009 by .

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Saab Automobile’s spokesperson, Gunilla Gustavs says that the Koenigsegg-Saab deal will be done at the end of the third quarter according to the Wall Street Journal.

I guess this information certainly coincides with the news last week by TTELA that September 30th would be the date of completion due to the European Investment Bank (EIB) Loans dispersed.

I must say that I object to this decision to wait until then, as a decision should be made by or at the end of reconstruction, preferably sooner because the EIB loans are earmarked for future research & development and products, not current operating expenses which should be coming from the investors at Koenigsegg.

STOCKHOLM (Dow Jones)–General Motors Corp (GM) is on track with its plans to complete the sale of its Swedish unit Saab Automobile AB by the end of September, representatives for Saab and the buyer, Koenigsegg Group, said Monday.

“Everything’s proceeding, we’re still looking to be done by the end of the third quarter,” Saab spokeswoman Gunilla Gustavs said.

Speculation has been increasing in Sweden that the deal may be in jeopardy since last week, when the government’s main laision to the …

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Prospective Buyers Tour Saab Automobile Facilities

Posted on 17. Apr, 2009 by .

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facilities.jpg

Photo Credit: Saab Automobile AB

Sweden’s “The Local” confirms reports that the prospective buyers for Saab Automobile are still visiting the facilities in Trollhättan, Sweden at this time.

It is unclear if all the 27 that have signed the confidentiality agreements with Deutche Bank who are managing this process along with the reconstruction team, are touring the facilities.

Here’s the piece from the local.

Suitors tour Saab headquarters

Buyers interested in purchasing in beleaguered Saab Automobile have been visiting the company’s main base of operations this week to get more information about its factories, organization, and business plan.

According to Saab spokesperson Gunilla Gustavs, a total of 27 potential suitors have signed confidentiality agreements indicating they are serious about making a bid for the Swedish automaker, which is currently undergoing a court-ordered restructuring.

“There may be more. Several are Swedish, but most of them are international. A number have ties to the auto industry. Others belong to other sectors, such as finance and investment companies,” Gustavs said to the TT news agency.

Saab CEO Jan Ã…ke Jonsson is meeting with potential buyers this week at the company’s Trollhättan headquarters in western Sweden and in the coming weeks will also receive representatives from Deutsche Bank, which Saab has hired to manage the sale process.

Plans for US owners General Motors (GM) to complete the sale of Saab in June remain on schedule. Saab currently has until May 20th to complete the restructuring process, but has already indicated that it may request an extension from the Vänersborgs District Court.

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Saab Automobile AB Board Deciding On Reorganizing

Posted on 19. Feb, 2009 by .

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According to multiple news agencies, the Local, Reuters and Nyteknik, the Saab Automobile AB board met this morning to decide to reorganize the company.

I have sent in some requests to contact Saab Automobile AB this morning (afternoon their time), and I have not received an immediate response as of yet, with an understanding that they are obviously quite busy at this time.

I am looking for some clarity on where we are at this point however here is the piece from the local below:

The board of Swedish automaker Saab is expected to make a decision about whether or not to seek bankruptcy protection during a special meeting of the company’s board on Thursday.

The news comes from anonymous sources within Saab, according to several Swedish media outlets.

The move, which comes a day after both General Motors (GM) and the Swedish government said they had no plans to support the troubled brand, would likely resulted in major changes at the company, including staff cuts and alterations in production.

Saab Automobile spokesperson Eric Geers declined to confirm the reports.

“We can’t comment on that,” he told the TT news agency.

Speaking to Sveriges Radio (SR), Saab chief executive also Jan-Aake Jonsson refused to confirm the information.

“I don’t want to speculate on the different alternatives that Saab has when it comes to running our operations going forward,” he told SR.

Early Wednesday morning Swedish time, news came from the United States that GM had no plans to invest further in Saab and hoped to sell the company by January 2010.
[…]

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