• Sweden edition
 

Swedish group eyes Saab sale: report

Published: 08 Jan 2010 09:45 GMT+01:00
Updated: 08 Jan 2010 09:45 GMT+01:00

The new group is fronted by Håkan Samuelsson, a 58-year-old Swede who quit as chief executive officer of German engineering and truck manufacturer MAN in November, and Jan Nygren, a former Social Democratic cabinet minister and ex-deputy chief executive of defence materiel group Saab, financial daily Dagens Industri said.

The newspaper said it was not known who was financing the Swedes' bid.

However, it said the group's business plan aimed for a scaled-down Saab Automobile that would build 45,000 to 50,000 cars a year, and would not require a loan from the European Investment Bank.

In 2008, the last year for which figures are available, Saab sold 93,295 cars worldwide.

GM announced plans to wind down the iconic, loss-making Swedish brand on December 18 after failing to reach an agreement with Spyker, but has said it would continue to consider bids for the group.

Spyker on Thursday presented a revised offer to GM. The details were not disclosed.

Meanwhile, British media reports Friday said Formula One boss Bernie Ecclestone had teamed up with a Luxembourg investment firm to launch a last-minute rescue bid for Saab.

Luxembourg-based Genii Capital announced it was interested in making an offer with Ecclestone, just as the deadline for final bids for Saab expired at 2200 GMT Thursday, the BBC reported.

The privately-held firm said it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company," according to the BBC.

Saab, which employs 3,400 people in Sweden, is one of four storied brands being shed by GM as part of a massive restructuring effort that began in 2005 accelerated last year when the largest US automaker went bankrupt.

Analysts have warned that some 8,000 jobs could be lost with Saab's closure.

AFP/The Local (news@thelocal.se)

Your comments about this article

10:02 January 8, 2010 by Nemesis
Now the people who should own SAAB are bidding for it.

If GM refuses to sell to everyone it is because they want to shut down SAAB out of vindictiveness.

I hope SAAB ends up in Swedish hands or failing that European ownership.
10:09 January 8, 2010 by bjinger
why so late...
10:24 January 8, 2010 by Nemesis
@ bjinger,

Simple, it takes a while to get together the capital for a bid and to get straight as possible answers out fo SAAB regarding any problems that may arise. GM's legal representatives are notorious for delaying giving answers.

If they turn down Jan Nygren it will be very interesting. GM will have to explain itself publicly. Also the change in Government this year will go very badly for GM if they play games with Nygren like they did witih Konegsegg.

Ecclestone and Nygren bidding. Looks like GM's game playing has backfired. They will be caught between an anvil and hammer, if they play games.

Looks like the entertainment is only beginning.
11:32 January 8, 2010 by spy
There are obviously serious buyers with money. GM better prepare for a public backlash if they close Saab now. Not just from car nuts but also from their shareholders who will suffer greatly!
12:58 January 8, 2010 by Bensonradar
This is good news. As I've said before, it is possible to keep Saab profitable by making a smaller volume of cars.

Keeping it as a special marque or brand, with a good margin per car sold, is better than trying to mass-produce large volumes and realising a smaller margin per sale.

Mass production of cars is often not the answer as it often dilutes the brand. If the brand is as distinguished as Saab, it keeps an edge of exclusiveness which is what premium car buyers want and expect. Not cheap boxes on wheels for a mass market audience which are available elsewhere.

While the economy struggles to come out of recession, it is better to undersupply the market until demand firms up and confidence returns. Running a smaller plant turning out fewer units will achieve this.

Just one point though, "...is one of four storied brands..." what does this mean, please?
13:14 January 8, 2010 by John F
Don't make it harder than it is: GM has set the price and when someone shows up with the money the sale will go forward.

Two questions: Is everyone looking to get Saab for a bargain price? If the Saab advocates claim the business is worth a lot of money . . . shouldn't they bring the money to the table?
14:05 January 8, 2010 by spy
John F

To my knowledge GM has not set the price for Saab and therefore it is pretty easy for them to turn down bids for a variety of reasons. We will see whether they engage with these new parties or whether this whole affair has been a cynical charade.
Today's headlines
Thief caught on camera - police drop case
Happier times at Park Lane: Charles Simonyi and Lisa Persdotter celebrate thier wedding in 2008. Photo: Björn Larsson Rosvall/Scanpix

Thief caught on camera - police drop case

Damning video evidence and an apology from an alleged thief’s daughter were not enough to convince police that a well-known criminal had stolen hundreds of thousands of kronor worth of equipment from one of Gothenburg’s most popular night spots. READ  

Opinion
Sweden 'missed' global opportunities
Sweden's outgoing Foreign Minister Carl Bildt. Photo: TT

Sweden 'missed' global opportunities

As Stefan Löfven attempts to form a coalition government, Social Democrat MEP Jytte Guteland says her party needs to focus on Sweden's international image. READ  

National
Politics 'most shared' topic in Sweden
Photo: Shutterstock

Politics 'most shared' topic in Sweden

Swedes are more likely to share posts or articles on politics than on any other issues, according to a new report from Mid Sweden University. READ  

National
Fears schoolboy murdered in Sweden
Photo: TT

Fears schoolboy murdered in Sweden

Police in Halmstad say the results of forensic tests suggest a 16-year-old boy found dead in a creek was murdered. READ  

National
Elk hunters risk injury in Sweden’s woods
Hunter Ingela Olsson loads her rifle at sunrise in Norrbölla, northern Sweden. File photo: Gunnar Lundmark/SvD/Scanpix

Elk hunters risk injury in Sweden’s woods

Sweden’s vast annual elk hunt spells danger not just for the majestic animals but also for hunters, with crumbling towers and over-tiredness just two of the season’s perils. READ  

Malmö
Rat invasion closes Malmö preschool
Rats like this one have been found in a kindergarten. Photo: TT

Rat invasion closes Malmö preschool

Children in central Malmö are staying at home on Tuesday after a rat infestation was discovered at their kindergarten. READ  

National
Sweden's benefit agency site restored
Photo: TT

Sweden's benefit agency site restored

UPDATED: Sweden's Social Insurance Agency website is working again after being out of action since Monday. READ  

National
Swedish teenagers abused on Secret app
File photo: Fredrik Sandberg/Scanpix

Swedish teenagers abused on Secret app

Swedish police are struggling to know what to do with a new batch of criminal reports filed by teenagers upset about a controversial app that allows users to post comments and pictures anonymously. READ  

National
Swedish man beats bus in video challenge

Swedish man beats bus in video challenge

UPDATED: A Swedish runner who filmed himself beating his bus in Sundbyberg in north west Stockholm over the weekend is now planning to a similar challenge on the capital's Metro system. READ  

Regional
Rain causes power cuts across east Sweden
Strong winds are battering Stockholm and the east coast of Sweden. Photo: TT

Rain causes power cuts across east Sweden

Heavy rain and wind have left thousands without electricity in eastern Sweden, with ferries also disrupted by the storm. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
Property of the week - Torslanda
Finest
Gallery
People-watching: September 20th
The 'black gold' of Sweden's west coast.
National
West Sweden prepares for the 2014 lobster premiere
Society
What's on in Sweden
Politics
How Sweden Democrats went mainstream
Blog updates

22 September

Welcome National Geographic! (Stockholm in my American Heart) »

"What comes to mind when you think of the “The Arctic”? Crystal-encased cliffs jutting from the sea, baronial Polar bears scavenging over sheets of cracked ice or a lone explorer heading north into the night. The image my mind invokes is of three sparkling green lines splashed across the sky like graffiti— the Aurora Borealis— our..." READ »

 

19 September

Editor’s blog (The Local Sweden) »

"Happy Friday readers! It sure has been a exciting week in Sweden, where we’re set to get a new Prime Minister after Fredrik Reinfeldt stepped down following Sunday’s elections. The Local blogged live from the key political gatherings across Stockholm. Why not re-visit the action by taking a look at our photos, tweets, videos and analysis? Since the..." READ »

 
 
 
Politics
Scandinavia and Scotland: closer links?
Gallery
Property of the week - Eskilstuna
Sponsored Article
How to start a business in Stockholm
Society
How I became a surf blogger when I moved to Sweden
Gallery
People-watching: September 13th
Society
Why is Stockholm's Södermalm so cool?
Gallery
People-watching: September 11th
Gallery
People-watching: September 13th
Politics
Five possible election outcomes
Politics
Sweden elections: How do they work?
Politics
Sweden elections: Who's who?
Gallery
Property of the week - Hornstull, Stockholm
Analysis
Five differences between the UK and Sweden
Welshman Jonny Luck is now a chef in Sweden
Society
How I opened my own restaurant in Sweden's Malmö
Sponsored Article
Stockholm tech fest: relive the magic
Gallery
People-watching September 8th
Photo: TT
Politics
Feminists fight for first seats
Politics
Immigration cut push from Sweden Democrats
Sheryl Sandberg says women have "low expectations"
Tech
Facebook exec talks women's limits in Swedish business
Politics
Left Party calls for justice and equality
Sponsored Article
Introducing… Insurance in Stockholm
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

841
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN