• Sweden's news in English

Formula One boss submits new Saab bid

AFP/The Local · 13 Jan 2010, 16:23

Published: 13 Jan 2010 16:23 GMT+01:00

Facebook Twitter Google+ reddit

"We have made a new offer showing the financial strength of Genii-Ecclestone and our long-term financial commitment to Saab, which means that we are capable of supporting Saab for a long period of time and are committed to the automotive industry," Swedish businessman Lars Carlström told AFP.

"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.

Story continues below…

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.

AFP/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

18:34 January 13, 2010 by 2394040
A suggestion to THE LOCAL: Why don't you just wait until you have REAL information to print? Has it occurred to you that just about everyone is sick of hearing the constant repetition of the same rumors, lies, and deceptions that have appeared on this website for months? Why don't you just stop until you have some FACTUAL information?
18:43 January 13, 2010 by Scotsaab
@ 2394040

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.
19:24 January 13, 2010 by big_daddy
squeezing the same lemon over and over again....give a break..for God's sake!
19:30 January 13, 2010 by Rick Methven
squeezing the same lemon over and over again....give a break..for God's sake!

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!
19:51 January 13, 2010 by derek hughes-beddows
i ,am others are genuinely interested in what happens to 3500 saab workers and thousands of others involved in this sell off process. As 'rick' states, nobody is forcing you to click on the header and read what follows. I find this swedish web site excellent, you try and find anything in the english tabloids about saab, you wont.

LOCAL....You doing just fine !
21:04 January 13, 2010 by jose_s
IKEA should put a bid in. Keep it Swedish. I can picture going through the showroom and picking out my car. Write down the shelf number. Load the boxes on my cart, pay for it, drive home and sit there with my allen key and build it myself....
21:18 January 13, 2010 by Nemesis
I am very interested in what happens to SAAB.

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.


@ jose_s

All joking aside. If Ikea put in a bid and won, they could sell more than SAAB could produce. Good idea.
22:01 January 13, 2010 by norswede
Keep up the good work. I appreciate any news about SAAB and GM, as it is difficult to find up-to-the-minute news elsewhere. We SAAB-ophiles hang on any tidbit that gives hope that the company will survive. I wasn't able to be in Detroit last week for the rally outside GM but I have written to GM and to my political representatives. We must all do what we can to show that there is a widespread public devoted to the survival of SAAB. We bought our first in 1973 and have gone through 13 of them over the years. All 4 that we currently own are older models -- a 1992 900 convertible, a 1993 Aero 9000, a 1996 Aero 9000, and a 2001 9-5 wagon. We have avoided buying newer models that were too affected by GM compromise of the original Swedish quality and design. SAAB must be allowed to get back to the earlier quality that made it so distinctive.
22:19 January 13, 2010 by California Saab Lover
I think many negative comments and anti-Saab rhetoric on this site are from people linked to GM and masquerading as the American public.

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.
23:18 January 13, 2010 by dizzymoe33
I sure hope a deal can be made so SAAB stays in Sweden and second that the Swedish employees won't loose their jobs. Good luck to all.
01:06 January 14, 2010 by millionmileman
It is sad reading in The Local, all this back-and-forth bickering, which reminds me of the good old days of a Bjorn Borg tennis match. Get a grip, the jobs of thousands of people all over the world are at stake. I currently know how that feels, which is why I had time to drive and protest in Detroit last week.

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!"
01:36 January 14, 2010 by repat_xpat
I found a ton of stuff I couldn't fit into my 9-5 combi. I much prefer my Ford Freestar, its twice the vehicle at half the price. Not bad.

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.
07:17 January 14, 2010 by mannorun

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!!
08:50 January 14, 2010 by rahpor
"IKEA should put a bid in. Keep it Swedish."

How Swedish is IKEA nowadays?
11:42 January 14, 2010 by the fonz
That Bernie chap has a real babe for a missus - top tottie!
12:49 January 14, 2010 by Nemesis
@ rahpor

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.
14:23 January 14, 2010 by spy

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.
14:54 January 14, 2010 by Hong Kong Phooey

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.
15:00 January 14, 2010 by DaisyCutter
Bernie's 'tottie' left him a little while back, perhaps he is looking for a new Scandinavian lover...
16:10 January 14, 2010 by 2394040
If Tiger Woods hurries, maybe he can make a decent bid.
15:20 January 15, 2010 by spy

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.
17:15 January 15, 2010 by morchad
"where the cars have to be able to steer in both directions rather then just left."

Thanks spy just pissed myself laughing!
02:13 January 16, 2010 by repat_xpat
Your too funny spy. How could I both be a GM rat and a lair about my SAAB ownership (both were 9-5s)? I thought SAAB was a GM product, at least the two I bought were. If I were a GM rat, I wouldn't run down my own products. I disliked them because of their poor utility value. The engine was excellent, the turbo power was fantastic, the trans was OK, the car had a great fit and finish. But its utility value was very limited. The back seat was too small, no leg room for the kids (buyers of the 9-3 must have legless children). There was only one cup holder, my wife and I couldn't enjoy coffee at the same time. The stupid key in the middle is a safety hazard. I had more than one occasion where it was bumped into the off position (not by me). The thin tires pooped on the slightest bump in the road (only two blow outs of my life were in my 9-5's). The creature comforts were limited and you had to ignore the obvious tire and key placement issues to ever think it had any kind of safety value. Did I mention quality? Finally, it was way over priced. It is priced an entire class above its value. The last one is the killer. The Swedish taxes and work ethic made SAAB's to expensive to be competitive.

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?
10:59 January 16, 2010 by spy
You're another fantasist - I don't believe anything you say - especially the part about you having Swedish friends - in fact I doubt whether you have any friends - now toddle off and go and play in the road.
Today's headlines
Prime Minister to meet Swedish troops in Iraq
Swedish Prime Minister Stefan Löfven and his Kurdish counterpart Nechervan Barzani. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Löfven is set to meet Swedish troops in Iraq on Tuesday.

Swedish politicians wage war on winter time
Soon it will look like this on your way home from work in Sweden. Photo: Anders Wiklund/TT

Should Sweden stick with summer time all year round?

'Don't turn the Pope into a global teddy bear'
Sweden's Queen Silvia and Princess Leonore visiting Pope Francis in the Vatican last year. Photo: Henrik Montgomery/TT

It's time to hold the Pope to account and make sure he turns his words about reform into action, argues a minister of the Swedish Church ahead of Pope Francis' visit to Sweden.

Löfven: 'Sweden will double its number of troops in Iraq'
Stefan Löfven and Haider al-Abadi during the visit on Monday. Photo: Henrik Montgomery/TT

Swedish Prime Minister Stefan Löfven has promised to double his country's number of troops in Iraq following a meeting with Iraqi counterpart Haider al-Abadi on Monday.

Will Swedes soon be looking for fairtrade porn?
Should Swedes think fairtrade with porn? Photo: Karin Malmhav/SvD/TT

A fairtrade attitude to pornography would be beneficial, Sweden's health minister told The Local.

Presented by Stockholm University
Nordic fashion in focus at Stockholm University
Simon Paulin/imagebank.sweden.se

Nordic fashion took centre stage in the Swedish capital last week as Stockholm University hosted the “first-ever” academic conference looking at luxury and sustainability in the fashion industry.

Referee, coach and parents in Swedish youth football fight
File photo of a referee holding a red card not related to the story. Photo: Stefan Jerrevång/TT

A football dad broke his leg in the brawl in front of 11-year-old kids after a Hammarby youth football game.

Illicit abattoir kept more than 100 bulls' penises
A couple of young bulls not related to the story. Photo: Jonas Ekströmer/TT

Dried cattle genitalia, goats' heads and hundreds of litres of lard were just a few of the many strange finds discovered when police raided a property in Sweden.

This is officially Sweden's most beautiful beard
The most beautiful beard in Sweden. Photo: Memo Göcek

According to a jury of barbers and 'well known bearded profiles', that is.

Presented by Invest Stockholm
One expat's strategy for making friends in Stockholm

You might think it’s hard to make friends in a new city. But if at first you don’t succeed – try something else!

Sponsored Article
Last chance to vote absentee in the US elections
Why we're convinced Game of Thrones is based on Sweden
Sponsored Article
This is Malmö: Football capital of Sweden
People-watching: October 21st-23rd
Fury at plans that 'threaten the IB's survival' in Sweden
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
Where is the Swedish music industry heading?
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Angry elk chases Swede up a lamp post
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
Sponsored Article
Stockholm: creating solutions to global challenges
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Swedish for programmers: 'It changed my life'
Swede punches clown that scared his grandmother
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
Top 7 tips to help you learn Swedish
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Property of the week: Linnéstaden, Gothenburg
Swedish school to build gender neutral changing room
Sponsored Article
Stockholm: creating solutions to global challenges
People-watching: October 14th-16th
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
Where is the Swedish music industry heading?
Nobel Prize 2016: Literature
Sponsored Article
One expat's strategy for making friends in Stockholm
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
Nordic fashion in focus at Stockholm University
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
jobs available