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Indian automaker places bid for Saab: report
A 1992 file image of the 20th Brigade of the Royal Saudi Land Forces

Indian automaker places bid for Saab: report

Published: 06 Mar 2012 08:52 GMT+01:00
Updated: 06 Mar 2012 08:52 GMT+01:00

India's Tata Motors has placed a $350 million bid to buy bankrupt Swedish car maker Saab Automobile, a newspaper report said Tuesday, citing people it said were close to the deal.

"Tata's global acquisition team has been in negotiations with Saab and private equity players for a prospective acquisition by its Jaguar-Land Rover unit," the India Financial Express newspaper reported, quoting an unnamed source.

Tata Motors' spokesman declined to comment when contacted by AFP.

Last month, Saab officials said that at least four companies had placed preliminary bids for a buy-out - most of them from outside Sweden.

Saab, owned by Dutch company Swedish Automobile (SWAN), filed for bankruptcy in December after numerous failed deals to keep it afloat.

All of Saab's assets would be for sale, the company has said.

Tata Motors, which also makes the world's cheapest car, the Nano, bought British luxury brands Jaguar and Land Rover from US Ford Motor in 2008 for $2.3 billion as part of its plans to expand beyond Asia.

Tata Motors is likely to face competition from China's Youngman, which has been keen to buy Saab and is reported to have made a preliminary bid of about

$300 million.

Indian auto and farm equipment maker Mahindra and Mahindra is also reported

to have placed a bid for Saab.

However, Tata Motors denies any plans to make a move on Saab.

"That is misinformation," Ratan Tata told AFP, speaking after the unveiling of the Indian company's new four-seater urban electric car, the Megapixel, at the Geneva Motor Show.

"We are making no move on SAAB," he said.

AFP/The Local (news@thelocal.se)

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Your comments about this article

10:19 March 6, 2012 by hejsweden
i want to buy a new saab please save them!!!
13:29 March 6, 2012 by glenquagmaire
After tata had bought the Jaguar and Land Rover, they have been able to help the brand and keep bringing good cars...I hope it happens with saab also if they buy that...
13:33 March 6, 2012 by Ballcocks
Hard to beleive that Tata would be seriously interested, but if they were it would be fantastic. Look how well Jaguar and Land Rover have done under Tata's ownership
16:36 March 6, 2012 by Slash
wish Tata all the best..maybe SAAB will flourish again under Tatas and we can see good cars coming out again in Sweden and worldwide...
17:14 March 6, 2012 by 2394040
If they get the job they will have to satisfy GM, and I still believe GM's goal is to shut SAAB completely down.
04:09 March 7, 2012 by muscle
Good to see asian countries slowly taking over businesses. I hope they could form some kind of unity among them, union of asian states ? ahh too high dreams :P
18:30 March 7, 2012 by Escort
All wishful thinking. Jaguar and Land Rover were already successful brands with huge global recognition before being bought by Tata. Saab, by comparison, was a wreck and has not produced a new car in almost a year. Any interest shown by Tata will be connected with asset stripping rather than re-starting production.
15:59 March 9, 2012 by Scotsaab
This is the best news we've had on the Saab story since Spyker got involved. Tata has worked wonders with Land Rover and Jaguar and could turn Saab around. But before that can happen they need cooperation from the Swedish Government, who are tiring of the subject, and of course General Motors who are likely ot be less than helpful in any negotions.
17:48 March 16, 2012 by Bertil Rupp
Let's hope there will be a "brand new Day" for SAAB as from to morrow.

Lets all put some money in the company and at the same time swap all USA Cars to European cars. That would give SAAB a fair chance.
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