Tag Archives: the Financial Times

Merbanco As 3rd Bidder Alongside Koenigsegg & Renco?

Posted on 09. Jun, 2009 by .

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While it seemed like the two remaining bidders, Koenigsegg & Renco continue to dual it out, and in my opinion, it should be 100% Koenigsegg, there now appears to be a third U.S. investment company now showing up as a potential 3rd bidder with Fiat gone and fully involved with Chrysler.

That new U.S. investment company based in Wyoming is Merbanco according to the Financial Times. I am starting to get worried, given that the best possible buyer may be questioned over two U.S. investment companies that know nothing about automobiles, Scandinavia, and most importantly, Saab’s heritage in particular.

I have tried contacting this company directly at their known address and phone number to no avail, perhaps you may have some luck in debunking this news? According to a a website, their finances seem a bit shaky, with only $130,000 in annual sales and they want to invest in Saab Automobile AB? Either this report is false or they are joking only to get their name in the news.

I hope that if the news does end up true, that Merbanco is actually representing a wealthy private individual who does not want to be named.

I am reporting on this for records sake, but I am going to disregard this company until some more “credible” material presents itself.

In the meantime. here is what the Financial Times are now reporting on this.

Three groups bid for Saab in spin-off

By John Reed

Published: June 8 2009 23:56 | Last updated: June 8 2009 23:56

Three groups have entered bids for Saab, General Motors’ insolvent Swedish car brand, and GM will choose a preferred bidder by the end of this week in a spin-off it will largely finance itself.

Koenigsegg, the Swedish supercar maker; Renco, a private holding that bought and turned around the maker of Humvee military vehicles, and a third group of investors from the US state of Wyoming have expressed interest in Saab, according to two people briefed on the sale.

[…]

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How Does Fiat’s Interest In GM Europe, Affect Saab?

Posted on 04. May, 2009 by .

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The news about Fiat’s interest in GM Europe is now getting some responses from people, including a Saab Automobile union representative in Sweden.

According to the local, Annette Hellgren, a union representative at Saab Automobile, said on Monday that a merger with Fiat would signal a change of direction for the Trollhättan-based firm. Current policy is for Saab to be able to stand on its own, independent of the the GM concern.

“This line of reasoning is new to us. We have not heard this before, I have to say. We have however heard that Fiat is interested in Opel,” Hellgren said implying that there may have been some misunderstanding in the media, or at Fiat.

I wonder if this possible change with Fiat & Saab Automobile, will be affect the existing reconstruction efforts underway? I have sent an e-mail into Saab Automobile to ask for more details.

I leave you with a brief snippet of the article on the local.

Swedish car maker Saab could become part of a new European car giant after Fiat CEO Sergio Marchionne expressed an interest in General Motors’ European brands.

Fiat has recently signed a cooperation agreement with US firm Chrysler and now plans to turn its sights to General Motors’ stable of brands in Europe, according to details emerging from an interview with Marchionne in the Financial Times.

This would mean that Sweden’s Saab could join Vauxhall, Opel, Alfa Romeo and Fiat models within the new firm.

“I can not comment these details,” Fiat spokesperson Eric Geers told news agency TT.

Annette Hellgren, union representative at Saab Automobile, said on Monday that a merger with Fiat would signal a change of direction for the Trollhättan-based firm. Current policy is for Saab to be able to stand on its own, independent of the the GM concern.

“This line of reasoning is new to us. We have not heard this before, I have to say. We have however heard that Fiat is interested in Opel,” Hellgren said implying that there may have been some misunderstanding in the media, or at Fiat.

The ambitious plans for a transatlantic car empire received the approval of stock markets with Fiat stock up six percent in Milan on the first day of trading after the reports emerged.

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Fiat Group’s President, Sergio Marchionne To Present Plan Of Large European Car Company With Chrysler, GM Europe

Posted on 03. May, 2009 by .

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The Financial Times Reports that Fiat is planning on presenting a plan to create a large european car company with Chrysler and General Motors Europe to transform the automotive landscape.

It finally looks like what I heard about a long time ago, may be going through with Fiat & General Motors Europe’s new group.

The question at this time is, what does that mean for Saab Automobile as well given that they are still currently part of General Motors Europe?

Here are some excerpts from the column.

Sergio Marchionne, Fiat chief executive, is on Monday due to outline plans to transform the global automotive landscape by spinning off Fiat’s core cars division, joining it with Chrysler and General Motors Europe, and creating a new publicly traded European car company.

Mr Marchionne wants Italy’s largest industrial group to separate Fiat Auto from its other divisions, join them with Opel / Vauxhall, Saab, and GM’s other European operations, and Fiat’s stake in Chrysler to create a company with about €80bn ($106bn) of revenues and sales of 6m-7m vehicles a year – second to Toyota, more than Renault / Nissan or Ford Motor, or GM itself, and roughly as many as Volkswagen.

Mr Marchionne had spoken of spinning off Fiat Auto from the group’s Iveco trucks, CNH farm and construction equipment, and Ferrari / Maserati luxury divisions as long ago as 2004.

In an interview with the Financial Times, Mr Marchionne said: “From an engineering and industrial point of view, this is a marriage made in heaven”.

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