• Sweden's news in English

Five buyers 'seriously interested' in Saab

AFP/The Local · 30 Jan 2012, 07:18

Published: 30 Jan 2012 07:18 GMT+01:00

Facebook Twitter Google+ reddit

"I can't comment on who we are in discussions with, but we are conducting dialogues with four to five interested parties who we consider are seriously interested," Hans Bergqvist told the TT news agency.

He said the aim was to sell all of Saab, which filed for bankruptcy on December 19, to a single buyer.

"That is our main tack (since) we... will get the most value," he said, adding that administrators were also looking at the possibility of selling off parts of the business piecemeal.

Chinese carmaker Youngman has shown keen interest but its bid to snap Saab up before it declared bankruptcy was thwarted by the Swedish brand's former owner GM, which balked at transferring the necessary technology licences.

A delegation from the Chinese company will reportedly arrive in Sweden on Monday to try to hammer out a deal.

Indian commercial utility vehicles manufacturer Mahindra and Mahindra is also interested and company officials have reportedly prolonged a visit to the Saab factory in the southwestern town of Trollhättan to pursue talks.

Turkish private equity firm Brightwell Holdings has also expressed interest, with board member Samier Ahmed saying that "We will place a bid as soon as they (the administrators) are ready to accept bids."

Bergqvist said the administrators hope to have a deal in weeks.

"We have to (hurry) due to the economic situation we are in. To make it possible for someone to restart the activity again, we have to keep the factory in good shape, and that costs an incredible amount of money," he told TT.

Earlier this month, the administrators sold off the Saab museum to the town of Trollhättan, for 28 million kronor ($4.2 million), he said.

Story continues below…

Administrators are also trying to sell surplus stock of equipment like engines, he added.

Saab was already on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) -- at the time called Spyker – for $400 million.

The past two years have been lined with desperate efforts and numerous failed deals to keep it afloat.

AFP/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

09:03 January 30, 2012 by skogsbo
scrap merchants, debt collectors and property developers... If this becomes a viable car manaufacturer again, I'll eat one of my many hats.
14:57 January 30, 2012 by millionmileman
Ketchup or Mustard?
16:17 January 30, 2012 by Mr B
Well,I hope you like the taste of hats as I would like to see Saab survive and many of its critics also eat their hats.
16:40 January 30, 2012 by skogsbo
it would be great if it would survive, but those days are gone. Other nations could fund it and revive it, but GM etc has killed any hope. They might sell the plant, the tools, the machinery. But it would be nothing less than a miracle if another 93 or 95 was ever going to roll off the line again!

Even if by magic you opened the plant tomorrow like nothing in the last 5 years has happened, the cars won't sell because for what they cost there is better out there. Perhaps a foriegn company wants the plant to manufacture their cars here, using Swedish work force, but I doubt that too.
11:43 January 31, 2012 by Ballcocks
Before we become all misty eyed on a theoretical Saab resurrection, lets not forget that Saab have left huge unpaid debts, many of which are to smaller or medium sized businesses in Western Sweden. The main aim of the administrators is to realise as much cash as possible from the wreck in order that Saabs creditors do not get dragged down as well. More jobs are at stake if this is not achieved quickly.
19:27 January 31, 2012 by thestockholmboy
Sadly, the SAAB we all grew up with and loved died in everything but name the moment that GM got their useless hands on them - we should have done our mourning all those years ago because the last of the real SAABs died when the original 900 ended production. When I was a kid I dreamed of having a SAAB Turbo, but when I could afford my first brand new car all SAAB had to offer were the bland, boring and highly flawed 9-3 and the under-developed, over-hyped and plain ugly 9-5! Sorry to say but my money's valuable to me - I bought an Audi instead and have not regretted it for one moment. SAAB means little of what it did anymore - it shouldn't be saved if it produces such rubbish!
00:41 February 1, 2012 by millionmileman

Thanks for your comment. I find it ironic that I have owned most SAAB models starting with a 1966 2-Stroke and excluding the 96 V-4 and Sonett. Currently I own a Finnish-built 2001 9-3 Viggen and the 2007 9-5 Aero Combi which SAAB awarded me for driving the million miles in the 900 SPG.

Of all the cars these have been the best and most reliable. More interesting is that the Viggen and Aero are so different but yet so similar. That's why I hope for the best with these negotiations. These cars are an obsession.
01:07 February 1, 2012 by obiwonsaab

As an owner of 20 Saabs myself since 1992 and currently own 5, I most absolutely agree with you!

They ARE an obsession!

May these negotiations be successful!!!
Today's headlines
'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!

Injured Swedish photographer protected by 'guardian angel'
Swedish photographer Paul Hansen on another occasion. Photo: Fredrik Sandberg/TT

Photographer Paul Hansen thanked his lucky stars for surviving sniper fire while covering the battle for the Isis-held city of Mosul in Iraq.

How Sweden is trying to smooth relations with Saudis
Swedish Prime Minister Stefan Löfven meeting Saudi Arabia's Trade Minister Majid bin Abdullah Al Qasabi. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Stefan Löfven has visited Saudi Arabia a year and a half after relations turned frosty in a major diplomatic row.

Sponsored Article
Last chance to vote absentee in the US elections
People-watching: October 21st-23rd
Sponsored Article
This is Malmö: Football capital of Sweden
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
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?
Angry elk chases Swede up a lamp post
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Stockholm: creating solutions to global challenges
Swede punches clown that scared his grandmother
Sponsored Article
Swedish for programmers: 'It changed my life'
Fans throw flares and enter pitch in Swedish football riot
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Top 7 tips to help you learn Swedish
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Sponsored Article
Stockholm: creating solutions to global challenges
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Nobel Prize 2016: Literature
Sponsored Article
Where is the Swedish music industry heading?
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
One expat's strategy for making friends in Stockholm
Record numbers emigrating from Sweden
Sponsored Article
Nordic fashion in focus at Stockholm University
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
Nobel Prize 2016: Chemistry
jobs available