SAAB Abandoned By GM, Files Bankruptcy.

[SB076]

The numbers are amazing Koenigsegg which employees 45 people and has a turnover (based on vehicle sales) of apporx. $25 million US - is going to buy SAAB that globally employees 12000 and still has debts of $400 million even after the writedown.

The European Investment Bank must have a lot of confidence in Koenigsegg.

Or have I read something wrong - interesting also that SAAB "owes" GM so much - you have to wonder what SAAB got from GM

[Kieron]

Originally Posted by SB076

interesting also that SAAB "owes" GM so much - you have to wonder what SAAB got from GM

Probably management services hehehe

It's not uncommon for large companies to transfer debt into an arm they are going to drop.

[vztrt]

Investor sells out of Saab rescuer

http://www.caradvice.com.au/38146/in...-saab-rescuer/

Investor sells out of Saab rescuer

Following reports that the Swedish Government was investigating claims that there were problems with the investor base of niche sports car maker Koenigsegg, which is planning to take over General Motors subsidiary Saab, Reuters Newsagency says a major investor has sold his share in the company.

North American investor Mark Bishop has sold his 22 per cent stake in Koenigsegg, Swedish business daily Dagens Industri has reported.

“A new owner has taken over his shares and the negotiations between General Motors and Koenigsegg Group continue according to plan,” a source was quoted by the newspaper as saying.

Reuters says Mr Bishop had the second-largest stake in the company that has struck a preliminary deal to buy Saab.

Saab, GM and Koenigsegg plan to meet this week with the Swedish government about a state guarantee for a 4.3 billion Swedish crown (US$593 million) loan from the European Investment Bank, which would form part of the financing for the acquisition.

“Saab’s management is very positive that, together with the Koenigsegg Group, they will be able to present adequate collateral to get this loan,” the source said.

Saab is currently under creditor protection.

[vztrt]

GM closes SAAB, Koenigsegg deal – report

http://www.caradvice.com.au/38413/gm...g-deal-report/

GM closes SAAB, Koenigsegg deal – report

Sweden’s Koenigsegg has closed its purchase of Saab from America’s General Motors according to a report from Reuters Newsagency this afternoon.

Although financing arrangements have yet to be finalised, the sale was agreed upon at an unannounced price sources claim to be “very low”.

“The price tag is non-existent but GM has a deal that grants them revenues as well if Koenigsegg manages to get Saab back on its feet,” a source close to Saab said.

The deal requires the Swedish government to guarantee a loan by Saab from the European Investment Bank. The bank is expected to process Saab’s loan application by end-September.

Sweden said on August 7th that it had received information on a possible pullout of investors backing the deal. But there has been no further statement by the government on the issue since then.

With: Reuters

[vztrt]

Scandinavian car-maker sale nigh

http://www.goauto.com.au/mellor/mell...257617002010AE

Sweden’s two major car-makers go one step closer to changing hands

19 August 2009

By RON HAMMERTON

SWEDISH car-makers Saab and Volvo have edged nearer to new ownership as their American owners General Motors and Ford look to wrap up the sale of their respective Scandinavian operations.

GM has signed a deal to sell 100 per cent of shares in Saab Automobile AB to Koenigsegg Group – a consortium led by Swedish niche supercar builder Koenigsegg Automobile – by the end of the year, pending satisfactory finance arrangements.

Volvo owner Ford Motor Co is also reported to be in the final negotiations to sell its Swedish brand to one of at least two potential suitors, including a consortium of Swedish businesses called Konsortium Jakob AB and Chinese group Geely.

Both Swedish manufacturers were put on the auction block last year as a consequence of the global financial meltdown that drove GM to Chapter 11 bankruptcy and forced Ford to take major steps to avoid following suit.

However, both deals are not yet done, with question marks hanging over buyers’ finance arrangements and other ‘closing conditions’.

The Saab deal is conditional on Swedish government loan guarantees for a €600 million ($A1b) funding commitment from the European Investment Bank (EIB).

Swedish news reports this week have suggested that several backers for the Koenigsegg bid have withdrawn at the last minute, leaving the bid with a shortfall of up to three billion Swedish kronor ($A500m).

But joint statement released by GM, Koenigsegg and Saab in Europe last night said GM had signed a “stock purchase agreement” with Koenigsegg regarding the sale of 100 per cent of shares of Saab Automobile.

“The deal is expected to conclude in the next months and will then secure Saab’s future,” the statement said. “Saab Automobile plans to exit legal reorganisation shortly.”

GM committed to supplying “transitional assistance” to aid the sale, adding that Saab was about to launch several new cars developed with General Motors which were in the final stages of development.

It also agreed to continue to share technology and services during an unspecified period, managed through licenses and service agreements.

Entrepreneur and CEO of the Koenigsegg Group, Christian von Koenigsegg, said the consortium planned to transform Saab into a stand-alone vibrant entrepreneurial company and make it ‘sustainable’ by making it profitable.

He promised to return Saab to its Swedish heritage of “ecological sensitivity, safety, design innovation and fun-to-drive experience”.

Saab managing director Jan Åke Jonssson said that in the short term, the deal would enable Saab to “move forward with exciting new cars starting this month with the all-new Saab 9-3X”.

Saab is also in the final throes of preparing its second-generation 9-5 to go on sale internationally next year. Based on GM’s mid-sized Epsilon II platform that spawned the Opel Insignia, the new 9-5 is expected to be launched at next month’s Frankfurt motor show.

Meanwhile, Ford is likely to wrap up its sale of Volvo later this year, according to Swedish government officials.

However, Ford is playing its cards close to its chest and has declined to discuss potential suitors.

The Swedish media said Ford representatives have had talks with Swedish business group Konsortium Jakob – named after the nickname for Volvo’s first production car, the OV 4 – over the sale of Volvo.

The other main bidder is said to be China’s Geely Automotive, in league with an unnamed Swedish investor.

Geely has launched a massive global expansion plan in recent years. It already has overseas factories in Russia, the Ukraine and Indonesia, and is reported to be planning a new plant in Mexico to supply a mid-sized car to North America.

Crucially, it is planning a new factory outside Beijing to build Volvo cars for the Chinese market.

Geely has set its hopes on buying Volvo after losing its bid to buy Opel from GM in the European car company fire sale.

As reported in GoAuto last week, Geely Automobile is planning to begin car sales in Australia from February through a West Australian-based company, Chinese Automotive Distributors headed by Perth car dealer John Hughes.

Its first foray into this market will be the Geely MK – a Corolla-sized small car.

Geely has also bought Australian automatic transmission maker Drivetrain Systems International from troubled Korean car-maker SsangYong with the objective of making its own gearboxes for its expanding range.

[vztrt]

Koenigsegg still on track to buy Saab from GM

http://www.caradvice.com.au/42450/ko...-saab-from-gm/

Koenigsegg still on track to buy Saab from GM

September 28, 2009 by Matt Brogan

Koenigsegg has clarified its position on the purchase of Saab from General Motors this weekend saying it is still on track to finalise the deal by the end of October.

Mr Christian von Koenigsegg, CEO and part owner of the Swedish luxury sports car maker, also said good progress had been made in talks to secure Swedish state guarantees for billions of crowns of loans from the European Investment Bank (EIB).

“Our deadline for the deal still remains the end of October as we have previously said,” said Mr von Koenigsegg.

One of Koenigsegg’s main owners was quoted by a newspaper on Saturday as saying the company could pull out of its planned purchase unless steps to secure loans were in place by Wednesday.

Norwegian businessman Bard Eker, who owns part of Koenigsegg through his holding company, told Swedish publication Dagens Industri that progress was needed on the EIB loans that Koenigsegg needs to finalise the Saab deal.

“If everything is not in place before Wednesday we are out. We give up,” Mr Eker wass quoted as saying.

CarAdvice will keep you posted on any updates as they come to hand.

With Reuters

[vztrt]

Saab sale falls through

http://www.goauto.com.au/mellor/mell...257678007FABF9

Saab on the brink as Koenigsegg pulls the pin on sale deal with GM

25 November 2009

By RON HAMMERTON

THE future of Swedish car-maker Saab Automobile AB hangs by a thread today after Scandanavian supercar builder Koenigsegg Group AB pulled out of a deal to buy the company from General Motors.

The fate of the prestige car marque is now expected to be decided next week by the GM board at its meeting on Tuesday, December 1.

With no other bidder seemingly on the horizon, GM appears to be faced with a tough but simple decision: keep it or close it.

The collapse of the Saab sale after six months of negotiations follows hard on the heels of the failure of similar deal to sell Saturn to American motor industry mogul Roger Penske, and GM’s withdrawal from the sale of Opel after months of wrangling with parts-maker Magna International.

The decision by Koenigsegg to abandon the purchase of Saab was announced jointly by GM president and CEO Fritz Henderson and Koenigsegg founder and CEO Christian von Koenigsegg.

Mr Koenigsegg blamed delays in the process for the decision to withdraw.

“Time always played a critical factor in our strategy for reviving the company,” he said in a statement. “Unfortunately, delays in closing this acquisition have resulted in risks and uncertainties that prevent us from successfully implementing the new Saab business plan.”

Mr Henderson said: "We're obviously very disappointed with the decision to pull out of the Saab purchase.

“Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB.

“Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."

Koenigsegg’s purchase of Saab and subsequent investment in its facilities and products was to be have been funded by a €400 million ($A650m) loan from the European Investment Bank, guaranteed by the Swedish government.

The arrangements appeared to be going smoothly, but Bloomberg news service reports that Koenigsegg wanted all of the money in advance when the bank only wanted to hand it out in tranches.

Saab had been placed in administration in February, surviving on Swedish government aid, after GM itself slid into Chapter 11 bankruptcy.

GM and Koenigsegg announced the “memorandum of understanding” of the sale in June, when Koenigsegg – which makes just 20 vehicles a year at its 45-person headquarters in Angelholm, on Sweden's southwest coast – out-bid two other consortiums from the US.

The problem for GM now is whether it can swallow Saab as well as Opel and Vauxhall back into its new-look European operations, which are still the subject of intense negotiations for government aid.

GM’s is also still yet to completely seal the deal to sell its Hummer subsidiary to Chinese engineering company Sichuan Tengzhong Heavy Industrial Machinery Co.

In Australia, news of the Saab sales talks collapse came as a shock to the Holden-based GM Premium Brands which distributes the Swedish marque here.

Holden spokesman Scott Whiffin told GoAuto that GM Premium Brands did not expect any further news on Saab’s future for at least a week.

"We've obviously seen the news out of Sweden overnight and I think, like a lot of people, we're still trying to digest it,” he said. “It would be fair to say it was pretty unexpected.

“GM have said they'll take a couple of days to work it through, so we don't expect any developments until at least next week.

“For us here in Australia, the message remains the same – it's business as usual."

Last month, the network sold just six new Saabs – five Saab 9-3 sedans and one 9-3 Convertible

As GoAuto reported earlier this month, the ageing Saab 9-5 flagship has been axed from the range and the 9-3 range slashed by half.

Several Holden dealers spent millions of dollars on new Saab dealerships since GM took over Saab, distributing the brand through the GM Premium Brands operation, what was also to include Hummer and Cadillac.

Those retail operations now face a bleak future unless GM finds a way to quickly save Saab.

In the US two weeks ago, GM said Koenigsegg planned to reject 81 of Saab's US dealerships, leaving the franchise with 137 dealers after the sale.

Now, all of them might go.

[vztrt]

http://www.caradvice.com.au/48985/up...gg-terminated/

Update: Saab deal with Koenigsegg terminated

November 25, 2009 by George Skentzos

General Motors has released a statement today confirming that the proposed sale of its Saab subsidiary to fellow Swedish supercar manufacturer Koenigsegg has been terminated.

According to the GM, the deal was cancelled at the discretion of Koenigsegg, with Saab now facing a possible closure as there are no other interested bidders.

Saab dealers in the US are also likely to close following the decision, having all signed termination agreements in June when GM entered bankruptcy.

These agreements stated that if the Saab deal fell through, GM would close the brand and all its dealerships would be terminated.

“I don’t feel that it would be accurate to say definitively that that’s what’s going to happen … that the dealerships would be closed,” GM spokeswoman Ryndee Carney said.

GM had hoped to close a deal by the end of next month to sell Saab to a partnership between Swedish supercar manufacturer Koenigsegg Group AB and backed by China’s Beijing Automotive Industrial Holding Ltd.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson.

“Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”

Following this decision, a 13-member board for GM is scheduled to meet next Tuesday in Detroit to decide what to do with Saab, with a wind-down of the brand imminent.

Koenigsegg has also made comment in a separate statement today that it had withdrawn from the sale process; about five months after the two sides had reached a preliminary deal.

“The time factor has always been critical for our strategy to breathe new life into the company,” Koenigsegg said.

[vztrt]

http://www.caradvice.com.au/49491/sa...al-new-buyers/

Saab may have three potential new buyers

November 30, 2009 by Matt Brogan

Reports out of Sweden this morning suggest Saab may have as many as three independent groups interested in purchasing the brand.

After Koenigsegg’s negotiations to acquire Saab ended last week, Chinese automaker Beijing Automotive Industry Corporation, which was set to become a minority investor in Koenigsegg, is said to have been the first candidate to contact GM about purchasing the Swedish manufacturer.

Credible reports also indicate that two American investment groups, billionaire investor Ira Rennert’s Renco and Wyoming-based Merbanco, are also actively pursuing the brand.

Merbanco president Christopher Johnston told Bloomberg yesterday that Merbanco would be willing to acquire a majority stake in Saab.

“I do not believe that the company should be closed,” Mr Johnston said. “Whoever buys Saab, or if GM keeps Saab, there’s a lot of work ahead but I believe that the company should survive.”

Although no formal written offers have yet been submitted, a Saab spokesperson confirmed that the company has been speaking to outside parties.

“We have a close dialogue and close contact with several who have expressed interest in buying Saab Automobile,” said Saab spokesperson Gunilla Gustavs.

Swedish enterprise minister Maud Oloffson said the government is not participating in the search for a buyer for Saab.

“It is Saab owner General Motors that should find a new buyer, not the government,” said Maud Olofsson. “Now it is in the hands of GM and it is they who should find a new buyer. It feels positive that GM has not given up hope of finding a new buyer.”

[XDV800]

http://wbztv.com/business/general.mo...2.1343548.html

DETROIT (AP) ―General Motors Co. said it will phase out its storied Swedish Saab brand if no deal is reached by the end of this month.

GM's board met Tuesday to decide the fate of Saab after a group led by Sweden's Koenigsegg Automotive AB dropped out of a deal last week to buy the company. About 4,500 jobs at Saab are at stake.

New potential buyers have emerged, GM said, so the board put off a final decision until the end of December. The automaker said in a statement that if it can't find a "suitable arrangement" for Saab by then, it would "will begin an orderly wind down" of the unit.

GM would not identify the potential bidders. Last week, the Chinese company Beijing Automotive Industry Holdings said it would re-evaluate Saab, but stopped short of saying it would make an independent bid. Beijing Automotive had been part of the Koenigsegg team.

The failed Saab sale marks the third time this year that GM couldn't close a deal for an unwanted brand that it is shedding as part of its reorganization.

GM decided to close Saturn after a deal with auto dealer Roger Penske fell through. And the automaker's board decided to keep the European automaker Opel after deciding it was too heavily integrated into the company for GM to let it go.

[vztrt]

Hope yet for Saab as GM fields bids

http://www.goauto.com.au/mellor/mell...25768000003C19

Beijing Auto back in the bidding for Saab as GM sets one-month deadline for sale

2 December 2009

By RON HAMMERTON

GENERAL Motors has confirmed it has received renewed interest from potential suitors for Saab Automobile and has given itself another month to sell the Swedish brand or start an “orderly wind-down”.

The company said in statement released after the GM board’s monthly meeting in Detroit last night that it could not comment on any potential transactions due to non-disclosure agreements.

However, speculation in Sweden suggests up to four main contenders have stepped forward since Scandinavian supercar-maker Koenigsegg Group AB pulled out of an agreement to buy the troubled prestige car company last month.

China’s Beijing Automotive Industry Holding Company – which was to have been a minor partner with Koenigsegg in the Saab deal – is believed to have thrown its hat in the ring, while another niche sportscar-maker, Holland’s Spyker Cars NV, also reportedly has approached GM about Saab.

Beijing Auto, China’s fifth largest car company making 700,000 vehicles a year, was one of the bidders for GM’s other European operation, Opel. However, the deal fell over after stalling on the thorny issue of intellectual property rights.

Now, Beijing Auto president Wang Dazong has told Bloomberg that the company plans to “move fast” on Saab to help improve its technology.

US merchant bank Merbanco Inc and New York-based investment company Renco Group are also said to be interested in Saab. The latter recently acquired Delphi Global Interiors and Closures from bankrupt parts maker Delphi Corporation through its subsidiary Inteva Products LLC.

Inteva has 17 facilities across North America, Germany, Hungary, South Korea and China, making product such as car cockpits, dash assemblies, door latch and window systems, as well as contract assembly.

Renco Group also includes AM General – the company that makes the famous military Humvee workhorse vehicle. In the early 1990s, it sold the civilian Hummer brand to GM which now is in the middle of off-loading it to China’s Sichuan Tengzhong Heavy Industrial Machinery Company.

The future of Saab was high on the agenda at the GM board meeting this week, although the resignation of GM president and CEO Fritz Henderson grabbed the headlines.

Saab management and Swedish government representatives apparently flew into Detroit for talks with GM executives before the meeting.

In its statement released on its media website, GM said its board of directors had received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB.

“The Board will evaluate potential bids between now and the end of December,” it said.

“At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind-down of the global Saab business at that time.

“Due to non-disclosure agreements, we will not confirm or comment on any potential transactions or other matters unless, and until, we determine that disclosure is appropriate.”

It is unclear if the approaches to GM about Saab involve keeping the Trollhattan-based manufacturer in the car business or picking over the carcass for assets, including manufacturing equipment.

The future of Saab’s production-ready new vehicles, the flagship 9-5 and 9-3X crossover, is also up in the air, pending an ownership decision.

Saab has been retooling its Trollhattan plant for the 9-5 – its first new model since the arrival of the new-generation Saab 9-3 seven years ago.

While Saab’s existence sits on a knife edge, fellow Swedish car-maker Volvo Car Corporation appears to be in the home straight in sale negotiations by owner Ford with preferred bidder Zhejiang Geely Holding Group.

Geely claims it has reached agreement with Ford on intellectual property rights for Volvo technology, clearing the way for the deal, reportedly worth $US2 billion ($A2.15b).

[vztrt]

GM strikes Saab deal with China’s BAIC

http://www.goauto.com.au/mellor/mell...25768C0081072C

Chinese firm buys current Saab 9-3, 9-5 and powertrain technology

15 December 2009

By TERRY MARTIN

GENERAL Motors has sold a number of significant assets of its Saab brand to Beijing Automotive Industry Holdings Co (BAIC), including certain 9-3 and current 9-5 and powertrain technology.

The deal, which comes three weeks after the Koenigsegg Group opted out of a deal to purchase Saab from GM, makes no mention of models close to production, such as the new-generation 9-5.

In a statement, GM said current 9-5 tooling will move to China where it will be used to make BAIC vehicles. Saab will also assist BAIC integrate the technology into BAIC vehicles.

“This arrangement is excellent for both parties, now and for the future,” said Saab Automobile managing director Jan Ake Jonsson. “We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles.”

[vztrt]

http://www.caradvice.com.au/50944/sa...o-assets-sale/

Saab and BAIC agree to assets sale

December 15, 2009 by Tim Beissmann

Beijing Automotive Industry Holding Co (BAIC) has purchased equipment and intellectual property rights to some of Saab’s fleet for 1.4 billion crowns (AUD$217 million), according to Swedish newspaper Dagens Industri.

The deal sees all rights of the outgoing 9-5 shifting to BAIC, including production infrastructure from Saab’s Trollhatten plant in Sweden, as well as engine and transmission technology from the 9-3.

Saab managing director, Jan-Åke Jonsson, said the deal was “excellent for both parties”.

“We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles,” he said.

The Chinese company echoed Jonsson’s sentiments:

“The deal is an important milestone in BAIC’s cooperation with Saab.

“It has laid a fairly good foundation for the two sides to further explore win-win cooperation,” it said in a statement.

Saab insisted that the new 9-5 – based on the Opel Insignia platform and unveiled at September’s Frankfurt Auto Show – was not part of the deal, and it confirmed production and marketing of the current 9-3 would not be interrupted.

The money, transferred last Friday, is expected to be enough to keep Saab going for three months, relieving some of the pressure as GM tries to find a buyer before the end of the year.

Dutch sports car manufacturer Spyker is still believed to be the front runner to take over the battling Swedish brand.

Spyker CEO, Victor Muller, described the deal to offload old assets and equipment onto BAIC as “good news” for both his company and Saab.

Despite the technology being old, BAIC now has the opportunity to produce cars under its own brand name, something that most Chinese automotive groups have been doing for years.

[Uncle Grumpy]

The poor chinese haven't got a clue. First they buy Volvo from Ford, then they buy Saab from GM. Don't they realise that they are no longer the quality vehicles they were famous for, before being owned by the two giants. The Saab stuff they are buying are old opel platforms.

I would have given $5,000,000 for the company and gone back to making the good solid model's they used to build before GM took over. They may have looked boring but they were a pleasure to drive on the highways.

[Jason[98.EL]]

http://money.ninemsn.com.au/article....=985655General

Motors says it will shut down its Swedish auto brand Saab after talks failed to produce a buyer for the money-losing unit.

GM said in a statement on Friday it failed to reach an agreement with Dutch sports car maker Spyker on a sale of the division. This followed the withdrawal of a bid last month from Swedish sportscar maker Koenigsegg Group AB.

The Detroit automaker said it had been in talks with Spyker but that "during the due diligence, certain issues arose that both parties believe could not be resolved".

"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," GM Europe president Nick Reilly said.

"In order to maintain operations, Saab needed a quick resolution. We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organisation to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process."

GM said the move to end Saab operations is among "some very difficult but necessary business decisions" as the new US auto giant tries to restore profitability after a massive bankruptcy restructuring aided by the US and Canadian governments.

The company has decided to end its Saturn and Pontiac brands in the United States and has reached a deal to sell its Hummer brand to a Chinese buyer.

The focus on core brands "will enable the company to devote more engineering and marketing resources to each brand and model", GM said.

GM said there will be no change in a plan announced earlier this week to sell some Saab assets to China's Beijing Automotive Industry Holding Co.

State-owned BAIC will acquire the technology for Saab's 9-3 and 9-5 car models, turbine engines and gearboxes, allowing the Chinese firm to develop its own-brand cars using the Swedish carmaker's technology.

GM said that in the wind-down of Saab, it will satisfy debts including supplier payments and will continue to honour warranties and provide parts to Saab owners around the world.

Saab employs about 3,400 people in Sweden and sold just over 93,000 cars worldwide in 2008.

Up to an estimated 15,000 jobs could disappear in a Saab shutdown, including those of suppliers and subcontractors, and if they also shut down that could pose a problem for Sweden's other carmaker Volvo, owned by US-based Ford Motor Co.

Under GM's stewardship spanning almost two decades, Saab rarely posted a profit and last year lost 3.0 billion kronor, the equivalent of 241 million euros ($A389.81 million) at the time.

Saab's history as an automaker dates back to the 1940s, when the first cars were produced by the Swedish aircraft maker Svenska Aeroplan Aktiebolaget or SAAB. GM acquired Saab Automobile in 1990.

[cosmo20btt]

Government Motors the company that killed SAAB, what a wonderful footnote GM has written into the history books.

[vztrt]

http://www.caradvice.com.au/51277/gm-to-close-saab/

GM to close Saab

December 19, 2009 by Adam Marshall


General Motors Co announced that Saab will close down, the sale to Dutch car maker Spyker Cars NV could not have been completed quick enough to save the manufacturer.

“We regret that we were not able to complete this transaction with Spyker Cars,” GM Europe President Nick Reilly said in a statement. “We will work closely with the Saab organization to wind down the business in an orderly and responsible manner.”

Koenigsegg Group AB were potential buyers of Saab but talks failed last month and Spyker stepped in.

In a statement last week GM said”certain issues arose that both parties believe could not be resolved.”

GM did not disclose what problems arose.
Spyker has had their own financial problems, only 21 cars were built in the first half of the year and they lost 8.7 million euros in the first six months of 2009. Sales fell by 1.6 million euros to 4.1 billion euros compared to the previous year.

Earlier in the week Saab announced it had sold all the rights to the current 9-5 as well as some of the technologies from the current 9-3 to Beijing Automotive Industry Holdings Co. for an undisclosed amount. According to a Swedish business newspaper, BAIC are thought to have paid $197 million (USD) for the assets.
A Saab spokeswoman thought that the money from the Chinese would give Saab’s new owners a good foundation to build upon. They were confident a new owner would be found.

A European analyst who would like to remain anonymous because of his business dealings with GM and Saab said”This could lead to a slow and painful shutdown.”

The only bidder for Saab which celebrated its 60th birthday on December 16 was Spyker.
BAIC plan to start production of its Saab based cars as soon as 2011.

GM Europe’s boss Reilly said the Saab closure isn’t bankruptcy or a forced liquidation, “Consequently, we expect Saab to satisfy debts including supplier payments and to wind down production and the distribution channel in an orderly manner while looking after our customers,” Reilly said.

Saab will continue to honor warranties as well as providing service and spare parts to current Saab owners around the world.

[XDV800]

R.I.P. Pontiac as well...

[The Stylist]

Very sad to hear that Saab is being wound down, however I'm surprised it has lasted this long with little investment being put into its lineup over the years on Gm's part - it's just another example of a brand that has been left to stagnate.

Whats makes the scenario even worse is that Saab were just about to launch the new 9-5 and upcoming 9-4x, both of which have had millions spent on development but now seem like they won't make the light of day as Saab products. I feel for Saab's employees back in Sweden, their jobs will be gone as will as the jobs of many component suppliers, and that brings me to another uncertain question mark - Volvo. A lot of Saab's component suppliers also supply Volvo, and basically when Saab goes Volvo will most likely run into supplier problems.

[naddis01]

Australia produced more cars than Sweden last year, so it will be interesting to see what happens to Volvo as you say Stylist. It may be a little test case for Australia to see what would happen if a manufacturer was to leave here.

[Bossxr8]

Originally Posted by The Stylist

Very sad to hear that Saab is being wound down, however I'm surprised it has lasted this long with little investment being put into its lineup over the years on Gm's part - it's just another example of a brand that has been left to stagnate.

Whats makes the scenario even worse is that Saab were just about to launch the new 9-5 and upcoming 9-4x, both of which have had millions spent on development but now seem like they won't make the light of day as Saab products. I feel for Saab's employees back in Sweden, their jobs will be gone as will as the jobs of many component suppliers, and that brings me to another uncertain question mark - Volvo. A lot of Saab's component suppliers also supply Volvo, and basically when Saab goes Volvo will most likely run into supplier problems.

I don't think SAAB would make many cars at all, but its probably enough lost volume to force some suppliers to the wall, but being in Europe i'd say that Sweden probably wouldn't have many local suppliers as the main suppliers wouldn't be far away in countries such as Germany etc.

[vztrt]

Spyker makes last-ditch bid for Saab

http://www.goauto.com.au/mellor/mell...2576920080BD90

GM gives Saab stay of execution as it looks at revised bids for Swedish car-maker

21 December 2009

By RON HAMMERTON

DUTCH sportscar-maker Spyker Cars has made a last-ditch effort to save Saab Automobile from the scrapheap, submitting a revised bid yesterday to buy the company from General Motors.

On Friday, GM announced that Saab would be wound down, its factories closed and 3400 workers retrenched, as it could not reach agreement with Spyker, whose bid has Russian financial backing.

But on Sunday, GM announced that it had received further enquiries since the announcement, and would evaluate them.

Meanwhile, Spyker announced in the Netherlands that it had submitted a new, 11-point proposal addressing GM’s concerns.

However, the offer is set to expire on Monday night (December 21), forcing GM into a quick decision – something the behemoth is usually loathe to do.

Spyker CEO Victor Muller said in a press release that the renewed offer would remove each of the obstacles standing in the way of a swift transaction.

"We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," Mr Muller said.

"We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st.

"Despite our collective 11th hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management.

“The new offer eliminates the need for an EIB (European Investment Bank) loan approval prior to year end, for example, which will allow the deal to be concluded within GM's deadline.

“Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world.

“Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand."

The Spyker bid is thought to be bankrolled by Russian conglomerate Convers Group, controlled by tycoon Vladamir Antonov, who holds a 29.3 per cent stake in Spyker and whose 34-year-old son is Spyker chairman.

According to the New York Times, Antonov survived an assassination attempt in March this year, losing a finger when he was shot seven times.

The US administration – GM’s controlling shareholder – will almost certainly have a point a view on any such the transaction.

Last month, GM pulled out of an agreement to sell its other European arm, Opel, to Magna International, which also had Russian backing via Sberbank.

Apart from the Spyker bid, GM is reported to have fielded last-minute enquiries from companies wanting to buy some of the assets of Saab, presumably its factories or machinery.

Apart from the Russian Convers Group, Spyker is also co-owned by a state-controlled Abu Dhabi investment company.

Spyker last year made just 42 cars at its Zeewolde plant, selling each for at least €200,000 ($A321,649).

The all-aluminium, hand-crafted, mid-engined supercars are built on a spaceframe and powered by Audi-sourced V8 engines.

[vztrt]

http://www.caradvice.com.au/51298/sa...ine-by-spyker/

Saab offered last minute life line by Spyker

December 21, 2009 by Matt Brogan

Following the announcement on the weekend that the intended sales terms of Saab Automobile AB between Spyker and General Motors (GM) could not be finalised, the Spyker leadership has submitted a renewed offer in the hopes of securing a future for Saab, its employees and the brand – despite the announcement that the winding down of Saab would begin.

Spyker CEO Victor R. Muller said today that an 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.

“We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer,” said Mr Muller.

“We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st.

“Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management.

“The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM’s deadline.

“Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand.”

In Spyker’s view, the ownership of Saab by Spyker Cars would add a lot of value to both parties. For Spyker, Saab would bring a strong, global distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a truly dedicated work force and solid engineering, sourcing and research & development capabilities.

Likewise, Saab would receive the financial backing required to compete as a competitive global brand, along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. Throughout these negotiations, both Spyker and Saab leadership have proven that they share a mutual vision for just such a partnership.

“Our company motto is nulla tenaci invia est via – for the tenacious no road is impassable,” said Muller, “And we intend to remain true to that throughout these negotiations as we bid to secure Saab’s future and revive the company.”

The renewed Spyker offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009.

With Spyker Cars

[trippytaka]

Originally Posted by 4Vman

that's a bit like shuffling deck chairs on the titanic...

The FIAT group owns Ferrari, Maserati, Alfa Romeo and Lancia though.

[vztrt]

http://www.caradvice.com.au/51511/sp...swedish-union/

Spyker plan for Saab copies Koenigsegg says Swedish union

December 23, 2009 by Matt Brogan

Following meetings between Sweden’s IF Metall Union and Saab bidder Spyker Cars yesterday, union representatives have told Reuters that Spyker’s business plan was a copy of an old plan made by Koenigsegg, the Swedish luxury carmaker which dropped its bid for Saab last month.

Union chairman, Mr Stefan Lofven, told Reuters that Spyker has conducted stress tests on the plan after meeting with Spyker CEO, Mr Victor Muller.

“Spyker is anxious for this to become a reality,” Mr Lofven said. “From what we can see, this seems serious. They have put in a lot of time and money into this.”

Spyker is pressing ahead with efforts to cut a deal for Saab with GM after lodging a new fast-track offer to buy Saab from GM on Sunday.

Speculation of possible backing from a Dutch billionaire fanned the Saab’s hopes of an eleventh-hour reprieve.

[buggerlugs]

http://www.news.com.au/business/brea...-1225813347619
Looks like Ford's sale of Volvo is going thru..........for a third of what the original purchase price was....

[vztrt]

http://theage.drive.com.au/motor-new...1224-ldr7.html

Sweden vows to help Saab workers as Spyker extends bid
December 24, 2009

The Swedish government vowed to help Saab employees threatened by the car maker's closure after a crisis meeting Monday, as GM and Spyker of the Netherlands held talks over the Dutch group's renewed bid for the GM unit.

The meetings took place just hours before Spyker said it had scrapped a Sunday evening deadline and extended its last-ditch bid to buy the iconic Saab.

"Spyker has been in contact with GM today and continues to develop its proposal for the purchase of Saab. Spyker has extended the validity of its proposal therefore until further notice," the company said in a statement.

Spyker's surprise announcement of its renewed bid late Sunday, two days after GM broke off talks with the Dutch group and said it would close down its Swedish loss-making unit, sent Saab's future into limbo.

Enterprise Minister Maud Olofsson refused to be drawn on the chances of a last-minute rescue, focusing instead on measures to help retrain workers and promising financial aid to Saab's hometown of Trollhaettan in southwestern Sweden.

"We have to start from the decision that GM has taken ... to shut down (Saab). In that case we want to be prepared and show local and regional authorities and employees there are resources, and they do not have to be worried," Olofsson said, announcing various measures along with Employment Minister Sven-Otto Littorin.

Among other things, she announced 542 million kronor ($A85.04 million) to create jobs and growth in the region.

Saab employs about 3,400 people in Sweden. According to media reports, Saab's closure could lead to more than 8,000 job losses, including subcontractors and others dependent on the carmaker.

"GM can if they wish decide to continue discussing a sale, but that is not in our hands," said Olofsson, who had earlier told Swedish radio she was sceptical about Spyker's chances of succeeding in saving the automaker.

Neither GM nor Spyker was present at the session, but Spyker chief executive Victor Muller told Swedish daily Svenska Dagbladet he was meeting with GM and was hopeful the troubled US giant would accept his company's new bid.

"If I didn't think there was a chance I would not be meeting them," he said.

Swedish Radio, citing anonymous sources close to the talks, said the meeting was held in Stockholm.

GM has been trying to sell Saab since the start of the year.

One of Sweden's most respected auto industry analysts, Matts Carlsson, said GM was probably not interested in selling Saab at all, suggesting the US carmaker would rather shut down Saab because of fears over future competition.

"They are probably figuring that they would rather take the cost associated with shutting down (Saab) so as to not end up with competition in five, 10 years," Carlsson told Swedish public radio on Monday.

GM decided earlier this year to hold onto German brand Opel after initial plans to sell it. Both Saab and Opel have in recent years been manufactured on the same platform.

Svenska Dagbladet meanwhile reported Spyker's Russian investors Vladimir and Alexander Antonov were no longer behind the Dutch group's bid for Saab - reportedly one of the sticking points in the negotiations with GM.

Spyker refused to comment on the report.

Following the crisis talks, the chairman of Sweden's main engineers' union urged Swedish Prime Minister Fredrik Reinfeldt to take up Saab's fate directly with US President Barack Obama.

"We need to have a direct contact ... to make GM look seriously at the new ownership proposals," Haakan Danielsson told Swedish news agency TT, arguing Obama ultimately heads GM since the US state is the troubled carmaker's main stakeholder.

The heads of Sweden's influential IF Metall and Unionen unions, along with Danielsson, meanwhile issued a statement saying they believed "the conditions for a solution with a new owner have increased" on Monday.

AFP

[vztrt]

http://www.caradvice.com.au/52032/sp...-gets-shelved/

Spyker plans to rebuild Saab around 9-5, compact 9-1 model shelved

January 5, 2010 by Matt Brogan

Spyker CEO, Mr Victor Muller, has promised to rebuild the Saab brand around the upcoming 9-5 model if it gets the nod to buy the Swedish brand from General Motors.

Mr Muller also said that Saab’s Swedish HQ, engineering and production facilities would remain in place with all Saab vehicles except the 9-4X (due to be released later this year or early next) being manufactured in Sweden. A new 9-3 model will follow in 2012.

In fact the only downside to a Spyker takeover at this stage appears to be the shelving of Saab’s compact 9-1 model (pictured below) which has now been suspended indefinitely.

Mr Muller went on to say that GM would continue to produce engines for Saab, and that Saab would use GM parts in vehicles such as the 9-4X and 9-5 as the brand struggles to break even. Saab sold 93,295 units in 2008 with 2009 figures expected to total less than 60,000.

Spyker, which is backed by Russian and Arabic investors, lodged a renewed fast-track offer to buy Saab on December 20. Money-losing Spyker made 43 luxury cars last year.

GM has extended a Dec. 31 deadline to sell or close Saab until January 7, giving Spyker more time to come up with financing to buy the brand.

[Wally]

As a very wealthy american friend of mine once said, "it's very hard to kill a company":

STOCKHOLM, Jan 5 (Reuters) - A delegation from the Swedish government will meet with General Motors [GM.UL] next week in the United States to discuss the future of loss-making car unit Saab, Sweden's national news agency said on Tuesday...........

http://www.reuters.com/article/idUSLDE60422R20100105

[vztrt]

http://www.caradvice.com.au/52245/sw...-saabs-future/

Swedish Government, GM to meet in US over Saab’s future

January 6, 2010 by Matt Brogan

A delegation from the Swedish government will meet with GM in the United States next week to discuss the future of Saab.

Representatives from Sweden’s finance and industry ministries will meet in Detroit with Saab parent GM and Ford, currently in the process of selling its Swedish car unit Volvo.

“As we understand it, GM has not closed the door to a sale (of Saab), even if the official line is a wind-down,” state secretary Joran Hagglund said.

“We want to make totally sure they (GM) have all the information they need.”

Dutch sports car maker Spyker Cars, which wants to buy Saab, has said GM has set a deadline of January 7 for bids for the Swedish firm.

Saab, which GM has controlled since 1989, posted a loss of US$340 million in 2008 and is expected to have made a similar loss last year.

A deal with Swedish luxury car maker Koenigsegg to buy Saab fell through in late November and in December, GM said it would start winding down Saab’s operations though it would consider new bids for the firm.

Spyker’s CEO, Victor Muller, has said there are multiple parties still interested in buying Saab, which employs over 3,000 workers in Sweden