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'Multi-billion-kronor' bid for bankrupt Saab: report

AFP/The Local · 2 Feb 2012, 21:04

Published: 02 Feb 2012 21:04 GMT+01:00

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"A first bid has been submitted for carmaker Saab," SR said, adding that several unidentified sources had named the bidder as gman">Youngman.

It provided no other details, saying only that it was a multi-billion-kronor (one billion kronor = $148 million) bid.

Saab's liquidators were not immediately available for comment.

Youngman showed keen interest in snapping up Saab before it declared bankruptcy, but its efforts were thwarted by the Swedish brand's former owner GM, which balked at transferring the necessary technology licences.

A delegation from the Chinese company was reportedly in Sweden this week to

try to hammer out a deal.

Saab filed for bankruptcy on December 19. It 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.

Story continues below…

One of Saab's three liquidators, Hans Bergqvist, told Swedish news agency TT on Sunday that up to five companies were interested in buying Saab but would not disclose any names.

In addition to Youngman, Indian commercial utility vehicles manufacturer Mahindra and Mahindra has reportedly expressed an interest, while Turkish private equity firm Brightwell Holdings said recently it would place a bid "as soon as they (the administrators) are ready to accept bids."

AFP/The Local (news@thelocal.se)

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Your comments about this article

22:28 February 2, 2012 by jack sprat
I wonder why the Saab saga is starting to remind me of the dead parrot sketch out of Monty Python.
05:32 February 3, 2012 by SimonDMontfort
@ jack sprat: maybe because the similarities are just too difficult to ignore? LOL!

I wonder if Saab and Semcon may have agreed a deal with the receiver, over chunks of Saab Automobile that would preclude anyone buying Saab as a whole? That could be a problem

After all they DID go into receivership...
10:15 February 3, 2012 by StockholmSam
The Chinese desperately want to get ahold of GMs research and development. I feel for SAAB but the legal system allows GM to protect itself and its investments in R&D. On the other hand, capitalism is all about buying out the losers and all of their remaining assets, including intellectual property. The problem comes in that the parent company is not the one up for sale and they own the intellectual property.
11:29 February 3, 2012 by SimonDMontfort
The details (as I understand them) are that the Youngman offer will find a way of 'bypassing' the GM intellectual property objections, by getting that 'intellectual property' from elsewhere.

I think the Chinese are also desperate to get hold of another prestige 'marque', as well, (as they did with MG Rover from the UK)
16:10 February 7, 2012 by Navras
Let this go down !!

Saab is futile investment for any Indian company!
11:01 February 8, 2012 by Santanu Dey
Maybe Futile, but Indian Mahindra and Mahindra are a powerhouse...SAAB can bounce back since M&M has loads of money......

check out the Ssangyongs story which M&M bought.....
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