Tag Archives: Sweden’s government

Swedish Government Talked With Fiat About Saab

Posted on 05. May, 2009 by .

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Photo Credit: Regeringen

Reuters reports that the Swedish Government has had contact with Fiat on Saab Automobile.

I would be very interested in hearing more about the details on this dialogue with FIAT at this time, and if it affects the existing Saab Automobile reconstruction process.

I am also curious if any, Maud Olofsson’s remarks were as well. I still haven’t heard about what her dialogue with Rob Bloom at the U.S. Treasury was, when she made her visit to Washington, D.C. late March. I hope to hear back about that dialogue too! from those folks as well.

Here’s the piece from Reuters below.

Swedish govt says had contact with Fiat on Saab
Mon May 4, 2009 11:59am EDT

STOCKHOLM, May 4 (Reuters) – Sweden’s government confirmed on Monday it has had contact with Italy’s Fiat (FIA.MI) regarding General Motors’ (GM.N) struggling Swedish automaker Saab.

“We have had contact with Fiat,” said Hakan Lind, spokesman at the Ministry of Enterprise, Energy and Communications. “The meeting was about Saab.”

Lind said the government had been in contact with Fiat a couple of weeks ago, but said nothing concrete had been decided. He declined to provide any further details.

The carmaker won more time to restructure in early April when a Swedish court extended the period in which the company is protected from creditors. GM has said it plans to cut ties to Saab by the end of the year.

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Swedish Government To Saab Automobile: You Need A New Owner Before We Provide Financial Support

Posted on 24. Feb, 2009 by .

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SVT covers Swedish Industry Minister Maud Olofsson’s visit to Saab Automobile’s facilities in Trollhättan, Sweden today.

During this visit, the Swedish Government has recently sent a message strong and clear to Saab Automobile AB, they need a new owner before any state financial support will be offered, as Reuters reports.

It also looks as though that Saab Automobile AB may have just three-months to find a buyer, beginning last Friday during the process of reconstruction.

I hope that Saab Automobile find their respective owner and fast!

STOCKHOLM (Reuters) – Sweden is not prepared to consider loan guarantees to General Motors’ (GM.N) Saab Automobile unit unless the carmaker finds a private investor to underwrite its business plan, the industry minister said on Monday.

Maud Olofsson told a news conference the government needed a private investor to answer for Saab’s turnaround and repeated the state should not own car makers.

“We need to know there is a secure ownership which takes responsibility for the business plan so that it (Saab) can show a profit in 2012, 2013,” Olofsson said in remarks broadcast live on public service radio.

At the weekend Swedish media quoted Saab’s CEO as saying rival carmakers were among potential investors in the company, which was granted protection from its creditors on Friday by a Swedish court.

Olofsson said since GM has declared it would cut its ties to Saab in a year, a new owner was a prerequisite for the government to believe the Swedish car brand had a future.

“Let us hope those who have contacted (Saab) are the kind of interested parties who are prepared to step in,” she said.

The government has welcomed a reorganization of Saab, but has said it believes its turnaround plan — in which it projects profitability in 2011 — is too optimistic. Saab estimates it made a loss of 3 billion crowns ($543 million) last year and expects a similar result this year.

GM has said it will fund some of Saab’s liquidity needs but that it will not keep the company beyond January next year.

Sweden’s government also said it was preparing to apply for 4 billion Swedish crowns from the European Globalization adjustment Fund to support Sweden’s south-western region, which is home to much of the country’s auto industry.

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Swedish Industry Minister In Trollhättan States “GM Has Not Taken Responsibility For Saab”

Posted on 23. Feb, 2009 by .

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responsibility.jpg

Photo Credit: Erik Abel/ Scanpix

The Local have just recapped Maud Olofsson’s visit to Trollhättan, citing that “GM has not taken responsibility for Saab”.

I think GM has it coming to them when the Swedish Industry Minister, Maud Oloffson says “I am not thinking of letting GM get away from this so easily”. I doubt there’s anyone in the world that would disagree with that statement, of course perhaps someone from GM. 🙂

Here is the rest of the piece below:

GM ‘hasn’t taken responsibility for Saab’

Published: 23 Feb 09 14:30 CET
Online: http://www.thelocal.se/17776/20090223/

Dictionary tool Double click on a word to get a translation

Sweden’s enterprise minister Maud Olofsson praised Saab employees following meetings with company representatives on Monday, while at the same time chastising General Motors for abandoning the troubled Swedish brand.

“I not thinking of letting GM get away from this so easily,” Olofsson said a midday press conference in Trollhättan, home to Saab’s main Swedish operations.

The remarks came following a morning spent discussing Saab’s precarious situation with company leaders and workers.

“We’ve had a very positive conversation with Saab’s leadership, but also with a number of works on the factory floor,” said Olofsson at a midday press conference in Trollhättan.

She also stressed the importance of Saab’s workers for the company’s future.

“Employees are Saab’s primary resource,” said Olofsson.

“It’s good that the employees have so much faith in Saab.”

One of Olofsson’s deputies at the Ministry of Enterprise and Energy, state secretary Jöran Hägglund, also criticized GM for abandoning Saab over the years.

“Our criticism is directed at GM in this case and not at Saab. GM hasn’t taken responsibility as an owner for many years,” he said.
[…]

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Saab Automobile To Receive European Bank Loan?

Posted on 09. Jan, 2009 by .

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Saab Automobile AB has already received the ability to apply for the $3.14 billion dollar loan that the Swedish Government has indicated back on December 11th, 2008.

According to Ola Kinnander at Dow Jones in Sweden, Saab Automobile AB is going to be possibly receiving another loan from the European Investment Bank. The European Investment Bank has a current list of recipients for loans, so this will be a good place to keep checking for the details of this loan, should it come to fruition for Saab Automobile’s sake. At this time, Saab is not yet listed.

Hagglund, a representative of the the state ministry indicated that he along with many members of the Swedish Government will be in Detroit during the Auto Show to meet with executives of General Motors to discuss the future of the Saab Automobile brand as well as the other Swedish brand and their owner.

This news dialog about Saab Automobile’s future is getting pretty substantial with a lot at stake. Wouldn’t it be nice to be present at that meeting with heads of the Swedish Government, Saab Automobile Sweden & General Motors next week. That would be some interesting dialog to say the least.

By Ola Kinnander

Of DOW JONES NEWSWIRES

STOCKHOLM -(Dow Jones)- Ford Motor Co. Swedish unit Volvo Cars is seeking a loan with the European Investment Bank, backed by Sweden’s government, and is likely to get the funds approved by March, a senior Swedish government official told Dow Jones Newswires.

Saab Automobile AB, a unit of General Motors Corp. (GM), is also discussing a potential EIB loan with the Swedish government, though it’s further behind in the process, the official said in an interview.
[…]

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