Tag Archives: union representative

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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Saab History Clarifies Saab Automobile’s “Reorganization”

Posted on 19. Feb, 2009 by .

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I think it’s time to classify Saab Automobile’s recent position to “reorganize” which was recently decided upon at the board meeting this morning.

Reuters have recently provided some good clarification on what reorganization and I think it is important to provide their details here for our reference.

STOCKHOLM (Reuters) – The Saab board met on Thursday, a union representative said, amid reports the Swedish carmaker was set to file for protection from creditors.

Earlier on Thursday, Swedish public service radio reported, without disclosing its sources, that Saab’s board had called an extraordinary meeting to decide on a reorganization of the carmaker.

A reorganization filing, which is an alternative to an outright bankruptcy filing, would be made with a Swedish court after which the viability of continuing operations is assessed.

“There has been a company board meeting, it has not really finished yet, and it started around 1100 (CET),” said Micael Lindell, a union representative at Saab.

Lindell said he had no information on what was discussed at the meeting, but the board’s union representatives and Saab’s management had a meeting scheduled at 1500 CET (9 a.m. EST).

A Saab spokeswoman declined to comment.

GM said earlier this week that Saab could file for reorganization as early as this month and that it still hoped to reach an agreement with Sweden on aid for the brand.

However, the Swedish government on Wednesday ruled out owning carmakers or their factories and accused GM of shirking its responsibility as an owner and that talks over state aid for Saab lacked a realistic basis.

Martin Skold, an assistant professor at the Stockholm School of Economics, who analyses the car industry, said the reorganization would need to define the legal relationship between Saab and its parent GM.

Cutting legal ties could save GM hundreds of millions of dollars in costs if Saab were to go bankrupt.

In a business reorganization, the company seeks protection from creditors while it comes up with a plan to become profitable. It is an alternative to bankruptcy, said Sven Save at Ackordscentralen, a Swedish consultancy firm which handles insolvency issues.
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