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February 14, 2012
Continued uncertainty over fate of Saab
Published: 12 Jan 10 07:47 CET | Double click on a word to get a translation
Updated: 12 Jan 10 09:26 CET
Online: http://www.thelocal.se/24326/20100112/
Saab Automobile's future remained in the balance on Monday as the head of General Motors signalled the wind-down of the Swedish carmaker was moving ahead, while other sources said that discussions continue with at least one suitor.
- New Saab 9-5 may never be released: GM exec (11 Jan 10)
- Last-ditch Swedish effort to save Saab (10 Jan 10)
- Saab can still be sold: General Motors (9 Jan 10)
Spyker is "the only one" with an "attractive" offer, the source said, adding that additional information may be available later in the week.
A GM spokesman said there was no new information on Saab after Friday's announcement of "an orderly wind-down" of its Swedish unit.
Meanwhile, GM chair and acting CEO Ed Whitacre said on Monday that Saab was to be shut down.
“We're closing down Saab,” he told reporters at the Detroit auto show, according to the Reuters news agency.
“We really haven’t decided to do anything other than close down Saab.”
Speaking to the TT news agency, however, Whitacre signaled that GM would sell if “someone with a lot of money came quickly”.
When asked for specifics, the GM CEO elaborated.
“Give us $450 million dollars and we’re in a different situation,” he told TT.
GM said on Friday it would consider any late proposals for the brand even as it began shutting down operations. GM hired the consulting firm AlixPartners "to supervise the orderly wind-down of Saab."
The US auto giant, in the process of a massive restructuring after bankruptcy last year, said the process for Saab is expected to take several months.
Union leaders in Sweden blasted GM for moving to close the company at the same time as it is evaluating bids for the loss-making brand.
Saab employs 3,400 people in Sweden and is among the brands being shed by GM as part of a massive restructuring effort that began in 2005 and accelerated last year when the largest US automaker went bankrupt.
Analysts have warned that some 8,000 jobs could be lost with Saab's closure.
What do you think? Leave your comment below.
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I can afford 450 dollars to buy SAAB, I'll even pay cash.
Why should the government take on debt in the name of national brand identity?
While I agree that it may be nice to see the legacy of such a brand be saved ... it shouldnt be done with national tax money.
If no large companies wants to buy Saab, it says quite a lot.
What I cant understand is why Swedes who feel passionately about this dont try to start to boycott GM related products.
The way that GM has being playing around on the whole matter of SAAB will end up damaging sales of GM cars around the world. In Sweden you will see Opel sales drop. Not just from SAAB aficionados such as myself but from other car buyers who dislike the way GM has run the brand into the ground and keeps on playing games.
There is a strong Anti-GM movement in the US after the way that they have taken government bailout cash and can not organise any real recovery.
In the long term, Ford, European and Japanese manufacturers are going to benefit from the "I wont buy a GM car" backlash
The constant brinkmanship has damaged GMs credibility - how many times have GM announced that they are closing SAAB now - 3or 4? - only to come out with a later statement that they don't really mean it.......
Come on Spyker print your offer.
I think SAAB will have a good chance of survival IF someone shows up and has money in their hand. Up until now you have no idea what they are asking for but are blaming GM for not taking it! UNBELIEVABLE!
Do you also have cash to pay SAAB's remaining liabilities? :P
GM has been trying to get rid of it for more than a year. No one significant wants it, so it will shut it down unless someone steps forward with cash.
Interestingly, U.S. leaders think investing in GM's restructuring was a good idea. Of course, they actually see that the company can be turned around:
http://finance.yahoo.com/news/Pelosi-LaHood-laud-US-apf-3629672197.html?x=0
You would be better off directing anger toward the Swedish government. You might actually be able to do something about it rather than just bitching and moaning about GM and the U.S. But, then again, I don't want my Swedish taxes going to a company that hasn't been able to make money for a decade.
GM messed around Konegsegg and turned down Spyker a cash buyer.
GM are intent on closing SAAB no matter what. That has become obvious.
As usual, you have no idea what you're talking about. What messed around Koenigsegg is their own shareholders, the EIB that took ages to approve the loan, the process, whereby the EE approval for Sweden to grant the guarantee wasn't ready simultaneously with the EIB approval and the fact that after all that time Koenigsegg were no longer sure their plan could work.
I've also seen no indication that Spyker was a "cash buyer" but of course you might have information that the rest of us mere mortals are not privy to.
Save SAAB. Every Swede just comes out with $45 and SAAB will be back to Sweden.