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February 12, 2012
Formula One boss submits new Saab bid
Published: 13 Jan 10 16:23 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24364/20100113/
The battle over the future of Saab Automobile took another twist on Wednesday as a group including Formula One boss Bernie Ecclestone and Luxembourg investment firm Genii Capital submitted a new bid to buy the Swedish automaker from General Motors.
- Spyker chief: we've shown GM the money (13 Jan 10)
- Workers: 'Save Saab from Gangster Motors' (12 Jan 10)
- Continued uncertainty over fate of Saab (12 Jan 10)
"The offer was made an hour ago (at 1300 GMT). We expect feedback from GM within this week and we expect the start of discussions with GM within a week also," he added.
He refused to disclose any details of the offer.
General Motors chief executive Ed Whitacre said earlier this week that his company wanted 450 million dollars for Saab, which has barely turned a profit in two decades under GM ownership.
GM, which announced plans to wind down the iconic Swedish brand on December 18, last week put Saab into liquidation despite several last-ditch bids for the company.
The bidders include the small Dutch sports car maker Spyker, the Genii-Ecclestone group, and a Swedish group fronted by the former chief executive of German truck manufacturer MAN and a former politician.
On Monday, a source familiar with the talks said Spyker is "the only one" with an "attractive" offer.
GM has said that it is continuing the wind-down procedure for Saab and at the same time studying any offers that come in.
Spyker founder and chief executive Victor Muller said Tuesday his company has the money to buy Saab and said GM was considering its offer very seriously.
Saab, which employs 3,400 people in Sweden, is one of four storied 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.
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Oh, and you would know what and when that is? When will we get the right rumours?
The Local is doing fine, doing what journalists should do: reporting the news as it happens, when it happens and whatever happens.
Nobody is forcing you to read TL.
If you find it so boring go find a site thats more to your taste
A bit more TIT_illating perhaps!
LOCAL....You doing just fine !
Some friends i have made in Förengning's rely on subcontract work to pay there mortgages.
More information, as in all of it you can find.
PLEASE.
@ jose_s
All joking aside. If Ikea put in a bid and won, they could sell more than SAAB could produce. Good idea.
As California Saab owner, I am very interested in the latest news TL posts and I am also very hopeful that Saab finds an energetic new owner to infuse new ideas and energy into the company. Companies can be turned around by the right leadership and It seems the right type of bidders have come forward to do just that. This is proof that Saab has deep value despite GM's insistence that it is a loser.
I have trouble understanding GM's logic that a new owner "maybe" closing down Saab in the future would be worse than GM definitely killing the company now. I think a "New Saab" company with ties to Formula 1 racing, or ties to an exotic sports car maker would make Saab, in my eyes, a very attractive next car to buy.
TL you are doing a fine job and thank you for providing a forum for us in the U.S. to share our solidarity with Saab workers.
This morning I viewed the Victor Muller, CEO of Spyker press conference, from the Detroit Auto show. All I can say is try to watch this on line, as here is a very sincere, smart businessman with a wonderful vision for the future. If he can accomplish this sale with the other investors, then this could be a marriage made in heaven, and give Saab back its roots to great innovation, with quality and renowned Swedish design.
By the way, always enjoy loading up my 9-5 Combi at the IKEA (Schaumburg, Illinois, which is the second biggest store in the world) loading dock, because "If you can't get it in a Saab you don't need it!"
I too enjoy LT publications. Keep them coming.
I believe that these bidders area either silly or out for PR. No one is going to accept GM's liability at SAAB without the new 9-5 technology in the deal and GM is not giving away its fantastic Global Epsilon II platform (the Buick just got Edmund's "Best buy" ratting, the Opel is the EU 2009 car of the year). The poor people who work at SAAB are being dragged around like play things. GM hasn't changed its tune since 18DEC09, its winding down SAAB. This is too bad, but it is the truth.
I think you have a very good point about Ikea getting into the mix.
Come to think of it, if SAAB were a profitable brand, before now it would have had a new owner rather than this continuous and boring wranglings of all sorts of insensible bids.
I think there are a hosts of rich swedes like Ingvar Kamprad who can either individually or as a group put up a master bid to safe SAAB but they are not doing that.Does anyone think they are fools??? I guess not.
This brand is just a money loosing brand as it has always been in the past two decades or so.I really do pity the employees who will be affected, but their sentiments/interests are secondary and can't be placed before those of the owners or shareholders if you will.
Ed Whitacre, the earlier and quicker you hasten this wind-down process the better!!
How Swedish is IKEA nowadays?
IKEA is now European. It is spread over Switzerland, Netherlands and has most of its operations control in almult on the Skåne/Småland border.
It has now reached the point that any buyer would eb good as long as they save at least some of the jobs.
A lot of people are going to lose there jobs, whcih means a lot of families will suffer. I really don't care who buys it at this stage as long as someone does.
Konegsegg just offered one krona this morning, according to Sydsvekan. I hope he gets it.
You are a GM rat - don't pretend that you have a Saab. If you had you would not be taking every chance to run the company down.
If you would prefer own a Ford Brownstar rather than a Saab, it clearly tells me that you have about as much style as a turd and you are therefore not qualified to comment on any Saab topics.
I am not sure that GM would deal with Tiger after his wife smashed up one of their loan cars with a golf club. But anyway Bernie Ecclestone is far wealthier. In case you Americans don't know he runs Formula 1 which is a motorsport where the cars have to be able to steer in both directions rather then just left.
Thanks spy just pissed myself laughing!
Spy & Phooey, Nice, loving, Swedish attitude too. Most of my Swedish friends do not resort to insulting people for sharing their opinion. Care to through in some choice words for my mother too? While your at it, why not attack America and its people again?