• Sweden's news in English

Saab Automobile deal 'complete': report

The Local/AFP · 7 Jun 2012, 10:00

Published: 07 Jun 2012 10:00 GMT+02:00

Facebook Twitter Google+ reddit

"We submitted a definitive offer on April 7 before the deadline for bids expired," said Mikaael Östlund of the National Electric Vehicle Sweden AB (NEVS).

NEVS, a Swedish-registered company founded by a Hong Kong-based firm specialised in alternative energy and a Japanese investment fund, declined to disclose the amount of the offer.

The court-appointed administrators for Saab, which filed for bankruptcy in December, refused to confirm an offer had been made or when they might announce a possible candidate to rescue the iconic Swedish brand.

According to Swedish media they could make an announcement as soon as the

end of the month.

It has previously been revealed that the consortium was prepared to pay 1.5 to 1.8 billion kronor ($208 - 250 million) for Saab, not including the spare parts company Saab Parts.

Annika Wennerblom, city manager for Trollhättan which is home of Saab's production plant, said early on Thursday she had been informed that a deal has been struck.

“That’s all we know at the moment,” Wennerblom told ttela.se.

“We haven’t been told when they will let us know who the buyer is. They have told us the deal will be signed this week but it is always hard to give exact moments in this kind of business.”

However, later on Thursday the head of information at the Trollhättan municiplaity, Peter Asp, denied that the municiplaity had any knowledge that a deal had been brokered.

"Annika Wennerblom had interpreted it as if it was a done deal, but that is not the case. It is unfortunate that there was a misinterpretation," he said to Aftonbladet.

Saab Automobile, including subsidiaries Saab Tools and Saab Powertrain, was declared bankrupt in December last year, with debts amounting to some 13 billion kronor.

After assets had been estimated, the debts stood at 9 billion.

Over the course of the spring, the administrators have been in negotiations with a number of potential buyers who had shown an interest in purchasing the company as a whole.

Chinese carmaker Youngman is one of the firms named to to be interested in buying Saab. Swedish media have reported that Youngman placed a preliminary bid in late January or early February of about two billion kronor (220 million euros, $280


Story continues below…

Youngman has long been interested in Saab and tried to snap it up before it declared bankruptcy but those efforts were thwarted by the Saab's former owner, General Motors, which balked at transferring the necessary technology licences.

Reports have also surfaced that Indian commercial utility vehicles manufacturer Mahindra & Mahindra has placed a bid as well.

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

The aim of the administrators has always been to broker a deal before the start of summer, according to news agency TT.

The Local/AFP (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

15:18 June 7, 2012 by spy
Annika Wennerblom is not 'city manager for Trollhattan' she is the Mayor (and a rather naive one by the looks of it).
09:14 June 8, 2012 by rise

A "city manager" (stadsdirektör) isn't a "mayor" (borgmästare). And she definitely isn't a "borgmästare" since cities in Sweden do not have one. A Swedish city has a "kommunalråd". But still Annika Wennerblom is not the "kommunalråd" (which in Trollhättan is Monica Hanson) but in fact a "stadsdirektör". With other words the article is right in naming her "city manager".
09:54 June 8, 2012 by ClassicBob
Swedish liquidators should know that start-up electric car company can never truly revive SAAB! Suppliers will loose big time with this deal. They would be better off giving the company away to a mainstream automaker who could commit to reviving the brand and restore some of the lost jobs in Trollhättan.

BMW, VW, TATA, FIAT... where have you been???
Today's headlines
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.

My Swedish Career
'Swedish people love it, but they find it quite odd'
Scottish entrepreneur William Macdonald. Photo: Michael Campanella

Meet the web developer and entrepreneur using traditional Scottish ceilidh dancing to break the ice with Swedes.

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