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Spyker lined up to buy Saab: GM

TT/AFP/The Local · 15 Dec 2009, 17:07

Published: 15 Dec 2009 14:31 GMT+01:00
Updated: 15 Dec 2009 17:07 GMT+01:00

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Earlier in the day, Jöran Hägglund, state secretary in the Swedish enterprise ministry, said there was "one main lead", without revealing the identity of the prospective buyer.

"We, both the European Investment Bank and the Swedish government, have been given one main lead that we are beginning to analyze, though we are also looking more broadly at a few other interested parties," Hägglund told Sveriges Radio

Swedish luxury carmaker Koenigsegg and a Chinese partner, Beijing Automotive Industry Holding Co. (BAIC), gave up their joint bid for Saab last month, citing costly delays in the transaction.

The European Investment Bank had already given Saab the green light for a €400 million ($600 million) loan during Koenigsegg's negotiations based on its business plan for Saab, but the Swedish government had yet to agree to act as guarantor when Koenigsegg withdrew its offer.

Hägglund refused to be drawn on the name of the new potential buyer, but Swedish media reports have suggested it is Dutch sports car maker Spyker.

GM "is now putting all its energy into concluding the necessary negotiations in order to meet the deadline set for the end of the year," Hägglund said.

Saab has barely turned a profit in two decades.

The Swedish centre-right government has repeatedly refused to take a stake in the car maker, arguing that the state should not own companies -- and especially not one that a major corporation like GM has been unable to turn around.

On Monday, BAIC announced it had agreed to acquire the technology for Saab's outgoing 9-3 and 9-5 car models, turbine engines and gearboxes for an undisclosed sum.

Story continues below…

Swedish financial daily Dagens Industri on Tuesday valued the sale at 1.4 billion kronor ($194 million), saying that was enough to keep the crisis-ridden iconic brand afloat until the end of the first quarter.

Saab, which built its first prototype cars in 1947, risks closure if no buyer is found.

TT/AFP/The Local (news@thelocal.se)

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Your comments about this article

16:54 December 15, 2009 by 2394040
When the New World Order decrees that something must be done in a certain way, then it must be done in that way. Opposition will not be tolerated.
17:27 December 15, 2009 by falcon
Can anyone tell us exactly how Spyker is remotely qualified to buy SAAB? They lose money themselves and have no experience in restructuring troubled companies, let alone one this large. This is a HUGE mistake and the Swedish government will be throwing its money away.

GM should have picked, and the government should have supported, the groups who had the skills and experience to fix SAAB.
18:38 December 15, 2009 by Rick Methven
GM want SAAB to go down the drain. With Spyker they can say "we knew it could not be saved"LOL
18:52 December 15, 2009 by Nemesis
@ Rick Methven


It has been obvious for some time that GM want SAAB shut and out of the way.

They have patent stripped SAAB. They have sold of part of SAAB's asset base to the Chinese.

Now GM want to find a politically convenient way to cose SAAB and damage Swedish manufacturng.
19:15 December 15, 2009 by Chuzzlewit
Another Saab story.
19:15 December 15, 2009 by voidplay
Latest news ********

A consortium formed by 'comment warriors' from an online portal 'The Local' have confirmed their interest in acquiring Saab. They have been in talks with GM and the Swedish govt. to guarantee loans amounting to a few billions. The board consists of 'experts' from a wide range of fields from arm chair strategist, economists, dictators ......

20:19 December 15, 2009 by Twiceshy
If SAAB was a company worth buying, there would be more buyers.
20:40 December 15, 2009 by Luckystrike
Exactly what i was thinking Voidplay!
21:17 December 15, 2009 by Flying Scotsman
It is turning to nothing more now than a laughing matter, and a very sad story for the employees.
00:03 December 16, 2009 by jjtahi
GM are a rubbish car maker...SAAB just need a better direction and to create a car that people want to drive, enviro-minded, scandic lines, affordable and not GM...SAAB will be better off in the long run! It may not seem that way now, however change hurts and comes at a price! Hang in there Saab it will be worth it!
02:38 December 16, 2009 by Globalnomad
Wait a minute ... do you hear that ? I think it's the fat lady singing !
09:54 December 16, 2009 by morchad
its perfectly natural for a company to wind up and go out of business, it has happened to millions of companies in the past. It will be forgotten about in time and people will move on. If its not making money....its not making money...thats the bottom line! It is a sad situation, personally I love SAAB and if I had any money I'd buy one. Swedish production is held in such a high esteem around the world and it will be a great shame if SAAB were to disappear.

Most companies operate like vultures and will strip SAAB bare taking what they need....specifically the technology. They need buyers with new thinking to bring radical change to get it being profitable. It can be done, I worked with a company one time in a similar situation, almost went bust but they changed radically and now turnover $100 billion a year :-) it just takes balls....seriously lacking by any of the potential suitors.
23:38 December 16, 2009 by uunbeliever
@voidplay, brilliant! I had a CD and DVD store in Whistler British Columbia, Canada and after a few years of trying to succeed I closed it. Did I get a bailout for me and my 2 employees? No! It is not our gov. responsibility to save crappy businesses. Get over it SAAB and Volvo fanatics. They will be parked in the museum next to the MG's, Triumphs, coopers and on and on. They were great cars and I will always love my' 89 900 and my '93 850GLT and they will only go up in value now that SAAB and soob Volvo will be gone.
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