Opel/Saab update

There shouldn’t be much news today given the Swedish holiday, but I thought I’d address a couple of things from comments, and a couple of general items.
Three companies have put in a bid for Opel. They’re believed to be FIAT, Magna, and RJH International.
Some web services are mentioning an investment group called Ripplewood, which is fine. Interchange RJH with Ripplewood if you like. RJH is a company registered in Belgium and comprises a group of companies that were spun off from Ripplewood.
The important thing about these three Opel bids is that NONE of them include Saab.
That means that if FIAT wants to get hold of Saab, they’ll be doing it outside of the Opel bid to GM Europe, and they’ll be done it outside of the formal process that Saab are finally engaged in.
That tells me they’re not having a crack at Saab, or are an extreme long shot, at best.
GT.se have written again about Fiat being one of the three bidders for Saab, along with Geely and the mysterious German bank operating for GM.
I’ll repeat my previous challenge – I’ll do a nudie run outside GT.se’s offices if this is the case.
It might be a little embarrassing but think of the publicity it would bring for the paper – what great exposure!!
I’m quite certain that Saab’s final three are Renco Group, Koenigsegg and an undisclosed Chinese bidder that isn’t named Geely.
About the ‘composition’ process that Saab are involved in…..
They require the approval of 40% of their creditors in order to write down their debts to 25% of book value. Now, the one thing I’m not sure of is whether that’s 25% of the number of creditors, or if it’s 25% of the value of the debts owed.
Either way, they’re over the line.
GM are their biggest creditor by far with around 90% of Saab’s debts by value owed to them. GM are on board.
And we heard from Saab yesterday that of the votes they’d already received, they’d already achieved a majority voting for the proposal.