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February 14, 2012
Merbanco pulls out of race to buy Saab
Published: 15 Jan 10 06:47 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24396/20100115/
The CEO of the small US investment company has emailed independent enthusiast website SaabsUnited.com to say GM has turned down the firm’s bid to buy Saab.
- Spyker chief: we've shown GM the money (13 Jan 10)
- Formula One boss submits new Saab bid (13 Jan 10)
- Workers: 'Save Saab from Gangster Motors' (12 Jan 10)
”Despite our best efforts and meeting the Sellers requirements, we were just notified we were not selected to buy Saab,” he said. ”We are disappointed and quite tired.”
SaabsUnited.com said the comments were confirmed in private email correspondence.
”Sometimes the best deal is the one you don't do,” Johnston concluded as the Wyoming-based firm were forced to throw in the towel.
The news comes ahead of General Motors’s extended January 7th deadline for offers to by Swedish unit Saab Automobile.
GM has confirmed it has received a number of bids with Dutch sportscar maker Spyker in the running.
A group comprising of Formula One boss Bernie Ecclestone and Genii Capital, a Luxembourg investment firm has announced a bid to rescue the ailing carmaker.
Swedish media has also reported a third bid approach by Swedish business leaders led by Jan Nygren, a former cabinet minister.
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I am not sure that "race" is the correct word considering the length of time that this has being going on for.
Merbanco have said some very positive things about Saab and I am sure they will be remembered in Trollhättan with fondness as a group that deflected a fair amount of negativity away from Saab in its darkest hour - I personally wish them the best of luck for the future.
The battle goes on.
Merbanco had the capital and experience to make Saab work. I would guess they weren't willing to overpay for what has become damaged goods. Saabs value declined every day die to GM hesitation and the l;ack of Swedish government support.
I agree with you, Merbanco did great things for Saab and their eforts should be remembered in Trollhattan.
In my opinion, they were screwed and I admire their pluck.
But Saab IS damaged goods. Have you looked at its sales lately? They're declining much faster than the other carmakers'. No doubt due to the uncertainty in its future.
So yes, they're damaged goods. Whether they can repair themselves or not, remains to be seen.
Saab is a good company but the process, lack of decision or poor decisions, and the wind down news certainly have damaged it. Saab has been victimized by this and value certainly hasn't increased. Even more, Saab needs a group with experience but those who have had it never make it.
I don't see how Spyker fits and can fix a challenge like Saab when Spyker can't make money on their own. I agree with Harry that Sweden should fight to keep Saab and Volvo and the only real hope today is a temporary Government takeover of Saab.
Merbanco say they offered GM what they wanted, and then lost anyway. I wish them the best of luck in the future too. They seemed a good fit.
"hold your nerve and if you have to,,,,,Sweden,,buy it yourselves...your workers and desighners will proudly put Saab right at the cutting edge of EV tech!!! Harry Latour"
what do you not understand in this, the biggest stakeholders which happens to be the government or the people are not willing to buy or save SAAB. That sounds like it is a damaged good.
It is interesting that GM is playing scorched-earth policy, looks like someone has really pissed off the Americans. lol.
Anyway, SAAB or Volvo means nothing to me so I will not lose sleep over this.
"GM has decided to hang on to Opel/Vauxhall after initially agreeing to sell it off and needs €3.3 billion to finance the division's restructuring".
Why would GM bailout Opel/Vauxhall but is unwilling to do same for SAAB?
Like I said earlier, looks like the Americans were pissed off by something or someone. We may find out the true story someday. lol.