CarFront News » Saab

Saab Get Prospective Buyers

Alex — Sun, 29 Nov 2009 23:44:01 +0000

Two, in fact.

Saab is in real danger of being shut down after the talks between General Motors and Koenigsegg fell suqare on its ass last week.

Now, Beijing Automotive (BAIC) and Merbanco (a Wyoming-based bank) have expressed interest in acquiring the Swedish automaker currently-owned by GM.

The two companies have been part of the top bidder just before GM and Koenigsegg started more definitive talks. BAIC is actually a minority partner in the Koenigsegg deal.

GM has been unloading its brands after its declared bankruptcy earlier this year due to the recession.

Koenigsegg Saab Deal Off

Alex — Tue, 24 Nov 2009 23:48:14 +0000

More corporate news today. And the hopes of a more united Swedish car making front are gone as Koenigsegg withdraws its offer to buy Saab from GM.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” GM boss Fritz Henderson

GM is having a hard time unloading their European brands. GM Just some time back, the Magna offer to buy Opel also fell square on its ass.

Koenigsegg has been in talks with GM to acquire Saab for six months. Details regarding the resons for backing out are scarce at this time.

GM previously announced that Saab will most likely to be closed if they fail to unload the brand by the year’s end. Looks like Saab will be shut down.

Saab Sale Could be Done Within the Week

Alex — Thu, 15 Jan 2009 10:50:24 +0000

The sale of General Motors automotive brand Saab could push through before the week is over, as indicated by reports that say that the winning bidder might be named soon and that negotiations for the brand are already in their final stages.

“The discussions are continuing, there is no official date that has to be reached, and this will have to take the time it takes,” said Gunilla Gustavs, a spokesman for Saab, in an interview with news agency Bloomberg. “But an announcement could come as early as this week.”

Many experts believe that sports car manufacturer Koenigsegg has the inside track in the Saab bid. The brand is favored because of its Swedish ties, as Saab is also a Swedish company. Chances are, the Swedish government will also come to the aid of the companies to make a deal work.

Some say that GM could give funds and assets and valuable infrastructure to produce a new model to the new owner. If the new owner manages to make Saab profitable again, then GM could be paid back.

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New Saab 9-5 Headed For Frankfurt

Alex — Thu, 08 Jan 2009 20:59:13 +0000

Saab will be launching the new Saab 9-5 executive car range at the upcoming Frankfurt Motor Show, bannered by the production-ready saloon variant.

The new 9-5 saloon will be starting production in 2010 and should start sales by next spring. The car will sport a good range of engine options, including a 2.8-liter turbocharged V6 and a four-cylinder diesel that is expected to have emission levels at under 140g/Km.

The 9-5 will be using the GM Epsilon 2 platform, the same one as that of the Opel Insignia. It has a longer wheelbase, though, and should have practically zero similarity with the Insignia in terms of exterior and interior features. �Standard� and �premium� suspension setups will be available once the car hits the market.

That�s a ton of work considering Saab has other things to occupy the company�s attention. The company is now in bankruptcy protection and awaiting its sale once GM lets it go by January 2010. Aside from the new 9-5 saloon, Saab is also finishing up the 9-5 Sport Combi estate as well as the 9-4 SUV and updating the 9-3 range.

Outstanding Customs Fees Halt Saab production

Alex — Thu, 01 Jan 2009 21:28:14 +0000

On the verge of gaining independence from parent holder General Motors, Saab was faced with new trouble. The Swedish car manufacturer was forced to stop production for an entire day at its Trollhattan factory because of outstanding custom fees that the company had failed to pay.

The work stoppage happened because Swedish Customs held back some important parts that were needed for assembling the company�s automobiles. The parts were held because Saab owed quite a �considerable� amount of money. Most likely, the outstanding debt is part of the fallout when Customs removed Saab�s 30-day credit facility after filing for bankruptcy protection a week ago.

While Saab got around to paying for the outstanding fees, the retained parts were stored in two warehouses. The parts came from General Motor production facilities away from Europe.

Saab is set to be independent the day 2010 takes over from 2009. It�s still a long way until then, and Saab has a lot of work to do to get back in the game, what with all the financial setbacks experienced by GM and Saab itself.

Source: Autocar

Koenigsegg Reportedly One of Saab Bidders

Alex — Sat, 30 Jan 1999 07:00:00 +0000

Swedish supercar manufacturer Koenigsegg is reportedly one of the last few bidders for Saab, another Swedish firm currently under administration, the counterpart of US Chapter 11 bankruptcy.

A Swedish newspaper report said, �According to sources close to GM the toughest battle is expected between US billionaire Ira Rennert and Swedish carmaker Koenigsegg.� Rennert and his Renco Group, a holding company based in New York City that invests in a variety of industries, is one of the other shortlisted bidders.

News of the Koenigsegg bid comes shortly after Saab confirmed narrowing down the list of bidders to three prime prospects.A deal to get Saab off GM�s struggling hands should be made within a few weeks. GM made it pretty clear that Saab would be let go by the end of 2009, and the sale will definitely come much earlier than that target.

It would be amazing to see what lies ahead for Saab if the Koenigsegg proves to be true and pushes through. What�s better for Saab is that this really will make an entirely Swedish entity out of the company, since Koenigsegg hails from the same land. Of course, this still depends largely on Koenigsegg�s own financial status.