Tag Archives: State Secretary

Swedish Government Had Good Talks With GM Yesterday

Posted on 12. Jan, 2010 by .

1

Bloomberg reports that the meeting yesterday went quite well for Saab’s sake that involved the Swedish Government and GM officials.

Swedish officials, including State Secretary Joeran Haegglund, the government’s main liaison to the auto industry, visited GM in Detroit yesterday to explain how Sweden can guarantee a 400 million-euro ($580 million) loan for Saab from the European Investment Bank, the European Union’s lending arm, said Haakan Lind, a government spokesman.

The Swedish representatives held “good” talks with GM officials, Lind said in a telephone interview today. The officials discussed how fast the loan can be guaranteed, depending on which bidder gets to buy Saab, he said.

Continue Reading

Saab History To Swedish Government: Are You Listening?

Posted on 08. Jan, 2010 by .

19

Industry Minister Maud Olofsson
Sweden’s State Secretary Joran Hägglund
State Minister, Fredrik Reinfeldt
Social Minister, Social Party, Goran Hägglund
Finance minister, Anders Borg, Anders Borg
Hans Lindblad, State Secretary

REF: GM TO WIND DOWN SAAB

Dear Swedish Government;

It has come to our understanding that it is ultimately up to you to ensure that the bidders for Saab Automobile have a letter of authority granting them the critical European Investment Bank (EIB) loans.

We have also learned that you continually fail to provide such guarantees which may include the recent bids that came in last night to Deutsche Bank who are brokering this transaction for GM.

We are writing to you because we want to know why you repeatedly ignore the messages from GM as indicated in today’s press release? Furthermore, why do you believe it is morally, economically and socially acceptable to sit down and let a large global industry leader in your home country die while you pretend to help? Moreover, how can your ignore the voices from your country and continue on as their appointed leaders, by showing continued indifference towards your fellow constituents and Saab Automobile?

You are now in the spotlight around the world and we are watching your inaction, which continuously and systematically tears apart Saab Automobile.

What is your ultimate goal and objective? We have been trying to send you a messages all along but you seem unable to understand them. GM is serious, they will wind down Saab.

What more needs to be done, so that you understand that there is an urgent need for action? You have known about this for over a year and now are showing up in Detroit to provide more information this weekend?

We will not sit down and let Saab Automobile go quietly into the night.

We will continue to keep contacting you and keep the pressure on.

Signed,

Respectively,

Ryan Emge / Saab History

Continue Reading

Saab Automobile Board Meeting Rescheduled For Tomorrow

Posted on 07. Jan, 2010 by .

3

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.
[…]

Continue Reading

An Update From Saab Automobile On Saab Status

Posted on 07. Jan, 2010 by .

2

A Saab Automobile update has been sent. Take a look below, no real news here, but it’s important to have this down for the record.

Interesting, a new name in the Swedish Government, Hans Linblad, perhaps we should contact him too in addition to the others. I could not find his name on the Swedish Government’s website however.

Below is a recap sent to Saab Employees in Sweden, loosely translated.

move

Parallel work continues

As you know the company is working on with plans for a structured settlement and parallel GM evaluates the bids coming in from stakeholders. There is much speculation in the media, we can not comment right now. We await the decisions coming from GM.

Government representatives to Detroit

A delegation from the government and the business department with, among others, Secretary of State Joran Hagglund and State Secretary Hans Lindblad, Department of Finance, will travel to Detroit this weekend to meet with GM. The delegation also travels to Detroit to meet with Volvo owner Ford.

Saab Owner outside GM’s headquarters

On Twelfth Night were American Saab Owners outside GM’s headquarters in Detroit to show their support for the sale of Saab. This has received attention in a variety of media. Listen to the video on Saabhistory.com. There you can hear, among other things, interviews with a Saab Owners who traveled 14 hours to participate in the operation in Detroit. Images are also available in Saabsunited.com and Jalopnik.com

“If there are enough Saab owners and enthusiasts parked outside of the GM Renaissance Center in Detroit, perhaps we could really show them how serious we are in wanting Saab Automobile to have a bright future and ask the enthusiast,” said Ryan Emge, editor of the independent saabhistory.com news site, view the activity on Tuesday.

It is also planned various activities in Europe on 17 January. Swedish Saab Clubs will gather on the Saab Car Museum in Trollhättan and drive in convoy through and out of Trollhattan Saab Automobile. Although Dutch, Belgian and British Saab Clubs cortege will form with the objective of influencing a sale is made by Saab.

Continue Reading

Today Marks The Final Day For Parties To Submit Bids

Posted on 07. Jan, 2010 by .

0

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.
[…]

Continue Reading

Swedish Govt Returns To GM HQ Next Week To Talk Saab

Posted on 07. Jan, 2010 by .

0

Representatives from the Swedish Government will be arriving in Detroit on Saturday just prior to the NAIAS along with Saab and Volvo representatives to provide any remaining information the owners, GM & Ford respectivelyneed for the sale according to Reuters.

If I were the Swedish Government representative, I would prioritize Saab because it needs more care than Volvo’s non-dramatic sales process with Ford.

I hope all parties once and for all, get it done when they arrive in Detroit. I think all parties will be on the same physical location at the same time, so they best seal the deal.

Representatives from Sweden’s finance and industry ministries will meet in Detroit with Saab parent GM and Ford (F.N), currently in the process of selling its Swedish car unit Volvo Cars.

“As we understand it, GM has not closed the door to a sale (of Saab), even if the official line is a wind-down,” state secretary Joran Hagglund said.

“We want to make totally sure they (GM) have all the information they need.”

Dutch sports car maker Spyker Cars (SPYKR.AS), which wants to buy Saab, has said GM has set a deadline of Jan 7. for bids for the Swedish firm. [ID:nLDE603121]

Saab, which GM has controlled since 1989, posted a loss of $340 million in 2008 and is expected to have made a similar loss last year.

A deal with Swedish luxury car maker Koenigsegg to buy Saab fell through in late November and in December, GM said it would start winding down Saab’s operations though it would consider new bids for the firm.

Spyker’s CEO, Victor Muller, has said there are multiple parties still interested in buying Saab, which employs over 3,000 workers in Sweden.

Continue Reading

TTELA Reports: Spyker To Proceed To Next Stage

Posted on 15. Dec, 2009 by .

0

According to TTELA, Spyker is to proceed to the next stage in the process to buy Saab Automobile.

General Motors’ process to sell Saab Automobile has taken another step. The European Investment Bank (EIB) and the government have received support to go in depth with one of the stakeholders.

– I know that the bank has given a name to work with and we have also begun to look at the candidate who is the main track, says Joran Hagglund, state secretary at the Economy Ministry, told TT.

For Saab to be able to get the loan from Bank of 400 million, approximately SEK 4.2 billion, the new owner must meet the Bank’s review. Government and SNDO review is to examine whether the state should provide the necessary loan guarantees.

– We will include an economic analysis and see where Saab will enter the business image of stakeholders. For us, the same requirements apply as before – the taxpayers should not suffer,” said Joran Hagglund.

Continue Reading

Saab Automobile Being Split Into Five Divisions

Posted on 06. Dec, 2009 by .

0

Goteborg, Sweden’s post have just released a story that discusses the Swedish Debt office’s requirement for Saab Automobile to split up into five divisions, Powertrain, Parts, Property, Tools and Investering.

It is important to emphasize says Saab Automobile’s Eric Geers, that this was required by the Swedish Debt office as simply a requirement and not for a break-up of the company.

This process which has already been completed, has made it possible for the old Saab 9-5 tooling acquisition to be had with BAIC as recently reported. […]

Continue Reading



Production Concept