BAIC closer to Saab deal with loan approval
Published: 4 Dec 09 16:32 CET | Print version
Online: http://www.thelocal.se/23660/20091204/
Prospective Saab buyer BAIC has received approval for a loan of 20 billion Yuan, approximately 20 billion Swedish kronor ($2.9 billion), from the Bank of China.
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“20 billion Yuan is more than enough to build up the production,” Li Chunbo, analyst at Citic Securities, told Reuters news agency.
The newspaper Ny Teknik has revealed that BAIC has already made a deal to buy the production facility of the old Saab 9-5 model. Saab has refused to comment on those reports.
Enterprise Minister, Maud Olofsson, and State Secretary at the ministry, Jöran Hägglund, have met with the EU’s Competition Commissioner, Neelie Kroes. They emphasised how important it is that the EU Commission’s current review of Saab is carried out quickly. “She said that she understood very well that it is important to get a quick decision,” Olofsson told news agency TT.
The review is being undertaken to establish that Saab was not in financial difficulty as at 1 July 2008, before the financial crisis. This is required for Saab to be entitled to state support.
The government’s main task now is to meet with various interested parties and the government will try to sell the company to Swedish interests, according to Olofsson.
On Friday all EU Enterprise Ministers met in Brussels, where they hosted various GM representatives who were to discuss GM’s plans for their European enterprise. This mostly concerns Opel and Vauvhall, which is where the biggest reductions are to be expected in most EU countries.
At the same time the chairpersons of the Metal Unions Association, Stefan Löfven and Cecilia Fahlberg, are demanding that the respective EU governments take immediate and active measures in relation to the Saab situation. They are particularly demanding a central coordinator. “The Swedish government must immediately set aside human resources which are entirely focused on supporting Saab in finding a new buyer,” they said.
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Come on Local. Get serious! Sigh.
I'll save people the effort of doing the research I did.....BAIC is Beijing Automotive Industry Corporation....courtesy of Reuters, a real news organization.
A few jobs might survive at Trollhättan, but I can't see there being many.
It'll be a hard knock for the city, and although it's not the government's role to bail them out - during the transition period Saab's suppliers may be helped by support to restructure and find new customers and markets. When MG Rover went in the UK, the DTI put money into the Advantage West Midlands scheme, with some sucecss in helping e.g. plastic moulding companies to switch from car parts to mobile phone casings, etc. Many of them had just been making car parts for so long they'd never even considered they could just as easily target other newer (and more profitable) industries..
soviet union during the sixties? What does it have to do with that??? So France if comunist cos the state owns carmakers, right?