• 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)

Don't miss...X
Left Right

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
Music
The five best Swedish songs of the month
Swedish singer Tove Lo. Photot: TT

The five best Swedish songs of the month

The summer may be (almost) over but the music will keep on playing here at The Local. Our resident music guru Paul Connolly will be selecting his top new Swedish tracks for us in a new monthly feature. READ  

Hedgehog pet craze sweeps Sweden

Hedgehog pet craze sweeps Sweden

African pygmy hedgehogs are being bought by growing numbers of Swedes, as a trend for keeping exotic pets sweeps the country, the Department for Animal Welfare and Health tells The Local. READ  

Poisonous mushrooms cause stir in Sweden
The mushroom in this picture is not the same as the one from the story. Photo: Shutterstock

Poisonous mushrooms cause stir in Sweden

A person selling freshly-picked mushrooms in Gothenburg has come under fire after it turned out the delicacies were not only poisonous but also hallucinogenic. READ  

Pirate Bay founder case starts in confusion

Pirate Bay founder case starts in confusion

The largest hacking case in Danish history began in confusion on Tuesday, after lawyers representing Swedish Pirate Bay co-founder Gottfrid Svartholm Warg accused the prosecution of "unreasonable" tactics. READ  

Swedfund joins H&M in Ethiopia expansion

Swedfund joins H&M in Ethiopia expansion

As H&M expands into Ethiopia, Sweden's state venture capital unit Swedfund has announced that it will back the clothing giant, in a move hoped to create more jobs for local women. READ  

Elections 2014
Social Democrats reveal election manifesto
Photo: TT

Social Democrats reveal election manifesto

UPDATED: Sweden's main opposition party the Social Democrats has revealed its election manifesto at a press conference at a high school in Stockholm, with a key focus on education and welfare benefits. READ  

Teen run over by train after 'shoplifting' chase

Teen run over by train after 'shoplifting' chase

A teenage boy is in a critical condition after he was hit by a passing metro train in Stockholm. The accident ground rail traffic to a halt, and has police suspecting attempted murder. READ  

Swimrun
Record win at Sweden's tough island race
Photo: Jakob Edholm/ÖTILLÖ14

Record win at Sweden's tough island race

Two Swedes crushed last year's course record at the Swimrun world championship in Stockholm's archipelago on Monday. READ  

Sweden reveals Academy Award submission
Swedish director Ruben Östlund on set. Photo. TT

Sweden reveals Academy Award submission

The movie set to represent Sweden at the 2015 Academy Awards was revealed on Monday, a film that has already won awards abroad. READ  

Amphetamines
Hidden forest drug stash leads to prosecution

Hidden forest drug stash leads to prosecution

A 53-year-old man has been prosecuted after police in western Sweden made one of their largest drug seizures in the area. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Sponsored Article
Introducing… Insurance in Stockholm
National
Huge clear up underway after Skåne floods
Politics
Sweden's Alliance reveals full manifesto
Tech
Sweden's highest peak to lose title next year
Politics
How immigration became a key election issue
Blog updates

02 September

America night (Blogweiser) »

" There was an event this weekend for the ‘Americans in Sweden’ Facebook group. I’m a member, and I brought my girls to the evening. The gathering was at a Boston-themed sportsbar in a mall. There were loads of screens, a bowling alley, a game room and a jumbotron. It was as good a place as any to..." READ »

 

25 August

Hit och dit, här och där (The Swedish Teacher) »

" Hej igen! A common challenge for Swedish language students are the location adverbs hit/här, dit/där, hem/hemma etc. Some of the location adverbs come in two versions. We should use one type of location adverb when we use a verb describes where we are, and we should use the other type of location adverb when we the verb..." READ »

 
 
 
Society
Brit's life in Sweden becomes BBC radio show
Gallery
People-watching August 27
Gallery
Top ten false friends in Swedish
National
Roma advocate scoops Wallenberg prize
Society
Meet the man who made a Swedish store recall its high heels for kids
Business & Money
'How I came to run my own business in Sweden'
Politics
Expert explains why Sweden's election oozes uncertainty
National
City plays Schindler's List theme at Nazi rally
Society
For Stockholm Fashion Week, here's the A-Z of Swedish fashion
National
'Amnesiac' man avoids deportation for ten years
Gallery
Princess Estelle through the years
Business & Money
Swedish city all set for six-hour workday trial
Business & Money
Five golden rules for the Swedish job hunt
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Gallery
People-watching August 22-24
National
Armed royal guards caught (very) drunk on the job
National
Sweden orders textbook on Roma discrimination
Gallery
Violent anti-Nazi demonstrations in Malmö
Society
A closer look at Sweden's five official minority languages
Gallery
See the destruction from the southern Sweden floods
Sponsored Article
Find out what gives this Swedish school executive appeal
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
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

746
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