• Sweden edition
 
SAAB BANKRUPTCY BATTLE
Saab Automobile deal 'complete': report

Saab Automobile deal 'complete': report

Published: 07 Jun 2012 10:00 GMT+02:00
Updated: 07 Jun 2012 10:00 GMT+02:00

"We submitted a definitive offer on April 7 before the deadline for bids expired," said Mikaael Östlund of the National Electric Vehicle Sweden AB (NEVS).

NEVS, a Swedish-registered company founded by a Hong Kong-based firm specialised in alternative energy and a Japanese investment fund, declined to disclose the amount of the offer.

The court-appointed administrators for Saab, which filed for bankruptcy in December, refused to confirm an offer had been made or when they might announce a possible candidate to rescue the iconic Swedish brand.

According to Swedish media they could make an announcement as soon as the

end of the month.

It has previously been revealed that the consortium was prepared to pay 1.5 to 1.8 billion kronor ($208 - 250 million) for Saab, not including the spare parts company Saab Parts.

Annika Wennerblom, city manager for Trollhättan which is home of Saab's production plant, said early on Thursday she had been informed that a deal has been struck.

“That’s all we know at the moment,” Wennerblom told ttela.se.

“We haven’t been told when they will let us know who the buyer is. They have told us the deal will be signed this week but it is always hard to give exact moments in this kind of business.”

However, later on Thursday the head of information at the Trollhättan municiplaity, Peter Asp, denied that the municiplaity had any knowledge that a deal had been brokered.

"Annika Wennerblom had interpreted it as if it was a done deal, but that is not the case. It is unfortunate that there was a misinterpretation," he said to Aftonbladet.

Saab Automobile, including subsidiaries Saab Tools and Saab Powertrain, was declared bankrupt in December last year, with debts amounting to some 13 billion kronor.

After assets had been estimated, the debts stood at 9 billion.

Over the course of the spring, the administrators have been in negotiations with a number of potential buyers who had shown an interest in purchasing the company as a whole.

Chinese carmaker Youngman is one of the firms named to to be interested in buying Saab. Swedish media have reported that Youngman placed a preliminary bid in late January or early February of about two billion kronor (220 million euros, $280

million).

Youngman has long been interested in Saab and tried to snap it up before it declared bankruptcy but those efforts were thwarted by the Saab's former owner, General Motors, which balked at transferring the necessary technology licences.

Reports have also surfaced that Indian commercial utility vehicles manufacturer Mahindra & Mahindra has placed a bid as well.

Saab was already on the brink of bankruptcy when GM sold it in early 2010to Dutch company Swedish Automobile (SWAN) - at the time called Spyker - for $400 million.

The aim of the administrators has always been to broker a deal before the start of summer, according to news agency TT.

The Local/AFP (news@thelocal.se)

Your comments about this article

15:18 June 7, 2012 by spy
Annika Wennerblom is not 'city manager for Trollhattan' she is the Mayor (and a rather naive one by the looks of it).
09:14 June 8, 2012 by rise
#1

A "city manager" (stadsdirektör) isn't a "mayor" (borgmästare). And she definitely isn't a "borgmästare" since cities in Sweden do not have one. A Swedish city has a "kommunalråd". But still Annika Wennerblom is not the "kommunalråd" (which in Trollhättan is Monica Hanson) but in fact a "stadsdirektör". With other words the article is right in naming her "city manager".
09:54 June 8, 2012 by ClassicBob
Swedish liquidators should know that start-up electric car company can never truly revive SAAB! Suppliers will loose big time with this deal. They would be better off giving the company away to a mainstream automaker who could commit to reviving the brand and restore some of the lost jobs in Trollhättan.

BMW, VW, TATA, FIAT... where have you been???
Today's headlines
Opinion
'Why were we kept in the dark for years?'
The submarine hunt is now in it's sixth day. Photo: TT

'Why were we kept in the dark for years?'

Military expert Johanne Hildebrandt tells The Local that the biggest question in the Stockholm submarine hunt hasn't been answered yet - why don't we know more about the "other operations" from the last few years? READ  

The Local List
Eight things to love about renting in Sweden
Apartments in Sweden are compact. Photo: Shutterstock

Eight things to love about renting in Sweden

A housing crisis means that short-term sublets are the norm in major cities and rent regulation rules are frequently flouted. But this week, The Local's decided to look on the bright side of renting an apartment in Sweden. READ  

Business & Money
Nordea banks big third-quarter profit gain
Nordea's Chief Executive Christian Clausen. Photo: TT

Nordea banks big third-quarter profit gain

Swedish bank Nordea announced on Wednesday a sharp rise in third quarter profits despite the economic slowdown and major outlays for an IT overhaul. READ  

National
Knutby priest faces early release from prison
Knutby in eastern Sweden, the scene of the murder. Photo: TT

Knutby priest faces early release from prison

A former priest in eastern Sweden who was sentenced to life in prison for organizing the murder of his wife has had his sentence reduced. READ  

Opinion
'Sweden will see Russia as a threat again'

'Sweden will see Russia as a threat again'

The Local speaks to one of Europe's leading security experts about why social media meant the Swedish military couldn't keep their 'submarine' search a secret and how she believes the country will ramp up its security against Russia. READ  

Interview
'Swedes are funnier than they think'
Comedian Al Pitcher has launched his new tour. Photo: www.alpitcher.com

'Swedes are funnier than they think'

New Zealand-born Al Pitcher launched his new comedy show in Stockholm this week. There wasn't a dull moment as The Local phoned up the man who has become one of Sweden's hottest comedians, while he took an eventful stroll in the capital. READ  

National
Stockholm suicide bomb investigation closes
The suicide bombing took place in 2010. Photo: TT

Stockholm suicide bomb investigation closes

Sweden's Security Service (Säpo) has announced that it will stop its core investigation into a suicide bombing in Stockholm four years ago. READ  

Stockholm 'sub hunt'
Military heads into 'new phase' in sub search
The search for the missing 'submarine' is now in its sixth day. Photo: TT

Military heads into 'new phase' in sub search

A press conference on the search for a suspected foreign vessel in Swedish waters revealed that the Armed Forces would be heading into a "new phase" on Wednesday, although it remained unclear what that might involve. READ  

Lifestyle
Vasa ship cannon blasted in Sweden
The bronze replica cannon. Photo: Beth Dacey.

Vasa ship cannon blasted in Sweden

A replica of one of the cannons present on Stockholm's iconic Vasa warship when it sank in 1628 is being tested for the first time in central Sweden. READ  

Health
Swedish farmers contracted swine flu
Swine flu can spread between pigs and humans. Photo: TT

Swedish farmers contracted swine flu

A human strain of the swine flu virus normally only found in pigs was discovered in Sweden earlier this year, the country's Public Health Agency has revealed. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Vasa ship cannon blasted in Sweden
National
Sub hunt: Day-by-day
National
Sub hunt: Stockholm islanders share their fears with The Local
Sponsored Article
The best options for oversea transfers
National
Get 20% off unique Swedish homeware
Blog updates

21 October

Denna & den här (The Swedish Teacher) »

"?Denna? or ?den hr?? Swedish language students often ask question about different pronouns. One pronoun that especially..." READ »

 

19 October

Getting it (Blogweiser) »

"Follow Joel Sherwood on FB Few watch baseball in Sweden. This is excellent when your team loses..." READ »

 
 
 
National
Dentist gives free care to Roma beggars
Business & Money
Get your own office in Gothenburg or Stockholm - free for a day
Gallery
Property of the week: Malmö
Gallery
PHOTOS: 'Foreign activity' in Swedish waters
Gallery
People-watching: October 19th
TT
Society
QUIZ: How good is your Swedish?
Lifestyle
What's on in Sweden: October 17th - 24th
Society
The nudity... and nine other things expat men notice in Sweden
Gallery
People-watching: October 15th
Gallery
Your views: Should outdoor smoking be banned in Sweden?
Business & Money
Sweden has 'large hole' in finances
Sponsored Article
Introducing... Finding a job in Stockholm
Society
Monster salmon caught in northern Sweden
Gallery
Property of the week: Lorensberg
National
Scandinavia's child bride
National
Ebola crisis: How is Sweden preparing?
Business & Money
How Sweden is becoming a cashless society
Gallery
Stockholm Burlesque Festival 2014
National
How a little red horse became a symbol for Sweden
Gallery
People-watching: October 12th
Business & Money
The hottest start-ups from southern Sweden
National
What's on in Sweden: October 10th - 17th
National
Stockholm is 'best' region for well-being
Gallery
People-watching: October 8th
National
Five facts to know about Patrick Modiano
Society
My Swedish Career: A French fashionista in Sweden
Society
Swede's anti-bully Facebook tale goes viral
Society
Have you seen Sweden's viral subway cancer campaign?
National
Isis: Swedes linked to Turkish prisoner swap
National
Should Swedes be banned from buying sex abroad?
Gallery
Fredrik Reinfeldt's leaving presents
National
Five Swedish TV shows you shouldn't miss
Gallery
A tool belt, a casserole, and a book. Fredrik Reinfeldt's parliament gifts
TT
Lifestyle
Top five winter festivals in Sweden
TT
National
Sami reindeer herders win mine reprieve
Gallery
Property of the Week: Gamla Enskede
Sponsored Article
How to catch the first lobster of the year
Politics
Ten new minister faces you should know
Tech
First womb transplant baby in world born in Sweden
Gallery
People-watching: October 5th
National
What's on in Sweden
Team SCA
Sponsored Article
All-female SCA team takes off on Volvo Ocean Race
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

1,007
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