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Luxembourg bidder in late burst to buy Saab

TT/The Local · 7 Jan 2010, 14:45

Published: 07 Jan 2010 14:16 GMT+01:00
Updated: 07 Jan 2010 14:45 GMT+01:00

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An unidentified Swedish businessman close to the bid told newspaper Dagens Arbete that Genii Capital possessed considerable financial muscle and strong partners. Asked why the firm had taken so long to present its plans, the source said:

"I have been working on this deal for more than a year and it takes time for all the pieces to fall into place."

Genii Capital has met with Swedish government representatives to inform them of its plans, reports Dagens Arbete, a newspaper operated by the powerful metalworkers union Metall.

Genii Capital is a private investment firm active on the North American, European and Asian markets. The company specializes in investment in innovations within the fields of brand management, technology, entertainment and the auto industry.

As recently as mid-December, the firm announced it was purchasing a stake in the Renault Formula 1 team.

Story continues below…

A receptionist for the company told The Local that there was nobody currently available for comment.

TT/The Local (news@thelocal.se)

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Your comments about this article

17:03 January 7, 2010 by peropaco
I do wish and hope they solve this sale imbroglio soon and for the record; I also hope the buyers are European!
17:30 January 7, 2010 by Rick Methven
GM have a whole pile of bidders who must have money on the table.

I still doubt that they will sell.

GM has never wanted to let SAAB survive after GM. When the whole thing is over then we will get the full lowdown on the blocks that GM has put in the way of all the bidders over the last year
17:59 January 7, 2010 by 2394040
Speaking as an American, I've heard for years about the importance of competition. But if you look at the record, American big business (and international big business as well) has always done everything possible to make sure there is no competition. The usual method is for a large group of capitalists to buy a large firm, supposedly with the goal of "taking it to the next level". Oh, they take to the next level all right; each level being downward. When they've bled it white and sold off the pieces, that's it. I will always believe that GM and Ford bought SAAB and Volvo specifically to shut them down. But I believe they have slightly changed their goals. GM is going to sell off pieces of SAAB for whatever it can get, and maybe even restart the brand in another country (extremely low-wage and enslaved employees of course) in Asia. Ford will sell Volvo to China. Over a period of years, Volvo production will gradually go to China. The Volvo employees who are buying into the idea that China wants to leave Volvo pretty much "as is" are probably in for a shock sometime in the future. China is virulently anti-union and anti-freedom, so the idea of them cozying up to unions in Sweden over the long-term is laughable. Of course, all this is my opinion, and I sincerely hope I'm wrong. But this is the lesson of history; it repeats itself over and over. And yet people still fall for the same lies and deceptions over and over. We just never learn. I think Thomas Jefferson was right when he stated that the general public should never trust politicians, but try to have laws to keep them in line. If he was alive today, he would also tell is to treat big business the same way.
20:36 January 7, 2010 by baldwin8
Very well said 2394040. I've only owned a saab since just a little over 12 months now and absolutely love my car. Even though I have no family connection to Sweden and do not live there. I am very proud to tell people that my car is produced there.

I am sitting on the edge of my seat hoping for good news from all of this turmoil. After owning many cars over the years, I know I want my next car to be a Saab.

Good Luck to the potential investors.
02:48 January 8, 2010 by snaab
I have owned two Saabs and am looking for a 3rd. That GM has been unable to make money on this brand says more bad things about GM than Saab. Need more proof, look at the ugly, poorly built excuses for cars they currently build.

You cannot build a car by committee, focus group, and consensus. If you do, you end up with a confused piece of junk that pleases no one. That is the problem with American made cars.

There was a time in America when cars were the vision of one man or a close knit group of folks. Those cars are still famous today. The sooner Saab and the American car industry is returned to people capable of vision and execution and people capable of eliminating design committees and focus groups, the sooner we start seeing compelling reasons to enter the showrooms and buy!
04:04 January 8, 2010 by Lenape
The Swedish government has got to step in to protect their own economy. Everything said by the above posters is true. GM will not see Saab to anyone regardless of what the bids are. Volvo will end up being produced in China, and anyone who does understand that is a child. Is the Swedish government curently being run by childern?

Orjust people who enjoy being taken as fools?
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