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February 14, 2012
Last-ditch Swedish effort to save Saab
Published: 10 Jan 10 11:10 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24300/20100110/
A Swedish Government delegation has flown to the United States to coax General Motors into considering latest bids to keep its ailing Saab Automobile unit alive and running. The automotive giant announced on Friday that it had commenced formal liquidation proceedings of the Swedish-based brand.
- Saab can still be sold: General Motors (9 Jan 10)
- GM confirms multiple Saab bidders (8 Jan 10)
- GM begins official Saab wind-down (8 Jan 10)
One group includes Bernie Ecclestone, the Formula One boss. Another group is led by the boutique Dutch sports car maker Spyker Cars which has been negotiating with GM for several weeks.
Swedish media has reported a third bid approach by Swedish business leaders led by Jan Nygren, a former cabinet minister.
Hägglund told the Financial Times “we still hope there is a chance of a deal, but every day that passes makes it harder. GM is working on a two-track process, and one of those tracks is the wind-down.”
In a earlier statement, Hägglund said that “we will see what we can do, in order to, if possible, contribute to a possible sale of Saab.” A GM spokesman said that the company would seriously consider new bids while also proceeding with liquidation. GM CEO Ed Whitacre has said he is not optimistic about Saab’s survival.
The Swedish Government has repeatedly stated it is prepared to provide loan guarantees if a suitable buyer is found. At stake are 3,400 jobs worldwide, mostly in Sweden where the storied brand is assembled. Purchased by GM in 1989, it has not turned a profit since 2001. In 2008 alone, it lost 3 billion kronor ($423 million). Last year GM said it wanted to sell Saab.
In addition to talks with GM, Hägglund will also meet with officials from Ford. It is selling its Swedish unit Volvo to Chinese carmaker Geely.
The Associated Press said there was speculation that a Wyoming-based group of investors may also be in the running to buy Saab, which was founded in 1937 as an aircraft company. After World War II it introduced the Saab car that was heavily influenced by aircraft designers.
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Fin means anyhting from sweet to proper. When someone says, Du är så fin it's quite a compliment.
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Translation
"I AM GOING TO CLOSE IT DOWN WHATEVER"
Ignore the negativity - Saab is not Rover.
Saab is worth saving and those in the know and with the power should do all they can to retain this fine marque on the new car listings.
I agree with you.
I hope it is saved, even if in a reduced state.
Speculation has it that China is willing to buy key parts of Saab for cash; it might be worth more to GM in smaller pieces.
i have driven saab since 1980 and would drive no other. I am not a anorak or someone who goes out and cleans the tyre tread every sunday morning, just someone who believes in saab, a product that is reliable, honest and does what it says on the tin. I have 2 kids that have been brought up on saab and i treasure there safety and that is what i have had.
Good luck to SAAB, the employees and their familes over the next couple of very crucial days.
19 Saabs in 30 years?
I am chinese. I'm glad that Geely buy Volvo. I will buy Volvo car if bid is made.
I think that Geely will produce Volvo in Sweden for noble man in EU and USA. But it will produce Volvo in china to fitable for chinese strain.
thats exactly what i was thinking lol
Not a surpirse, 19 SAABs in 30 years. My wife & I have had 15 SAABs in 32 years...and still own 4. One just isn't enough, because they are GREAT cars, and you just hate to part with one, when you buy another.
The more the merrier I say!! ;-)
This past Tuesday, I drove all the way from Milwaukee to Detroit to the "Save Saab" Rally. The past forty years and 2.5 millions miles of driving these superb automobiles, have left me sad and numb. However I refuse to take things lying down. I urge everyone to contact the Swedish government, to back up the loans. If this fails, then the job losses around the world will hurt not only the people who work on Saabs worldwide, but the jobs that are created from those employees. When the unemployed, stop spending in shops and restaurants, neither will they be able to purchase any other company's car (including GM), nor anything else for that matter.
Your interests are clearly on the US, where you live, and you seem to love GM which is pretty strange in any country. I suspect you may be on the GM payroll. If so why don't you go and say "yes" to a few dinosaurs and leave out the propaganda.
If GM really want to sell Saab why are they running down Saab in the media and why did they continue with liquidation when they had not evaluated the serious offers they have on the table? This just does not make sense and many people are sensing foul play.
Well, I can't say as I[m very optimistic about GM's survival. Their cars are not as well made, or as well designed, as those coming out of Japan. GM's been trying to catch up with the Japanese for decades, and I was saying 30 years ago that if GM can't compete, they should get out of the car business.
GM has had a negative attitude for decades, starting with the 1930s, when they started buying up city streetcar companies and running them into the ground.
Oh, please. It's called capitalism. What kind of return do you look for on YOUR investments?