Some good news is emerging with various news services reporting that the Swedish government have met all three of the bidders for Saab, and that they're ready to sit down with any of them and talk about loan guarantees.
This is a very positive development, as the government's willingness to do so is paramount in getting something signed on paper.
ctm summed up the various reports as follows:
The government now says that they are prepared to immediately negotiate about state-guaranteed loans for the three bidders interested in buying Saab. The government has met all of the remaining bidders, and some have expressed an interest in state-guaranteed loans at a takeover.
And he added the interesting observation that if only "some" have interest in state guaranteed loans, that means that one of them is well financed and possibly looking to bypass the loan procedure.
I wonder if that will be a factor?
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TTELA have a report in today that sums up the three remaining bidders.
It then goes on to mention a few interesting things.
The GoogleTrans:
I further understand that all three final candidates not only bought the Saab's business plan, but are also willing to spice it. Perhaps with a Saab 9-1.
Now that is excellent news!
But, despite this attempt at logical reasoning: Actually, we have no idea who the candidates best. Ultimately, GM's words, not Saab's desire, as predominant.And the reason GM, which now sits in the GM Europe headquarters in Zurich and is negotiating with the three final candidates in parallel? Perhaps it is not more difficult than GM simply select the bid that is most economically advantageous - for GM.
I can add my own piece of Djup Strupery to this. It's a point of concern, but it is what it is.
Djup Strupe tells me that Jan-Ake Jonsson is not in Zurich at this crucial time. His lack of attendance likely at the insistence of either GME or Deutsche Bank.
It's a little disturbing that Saab's management can't be represented at the highest level at what is a pretty delicate time.
If Renco walk out of Zurich with Saab it will be a mystifying and unfortunate decision to me.
There are always strings attached to government and gov-sponsored banks like EIB loans. Plenty of private sources for the kind of capital that New Saab needs.
The new U.S. mileage standards for 2016 are 45 mpg, a huge jump. The two U.S. bids know that 100% of Saab imports by 2016 can meet that standard. And that there is no reason other than GM's mis-marketing why Saab could not have been at >150,000 in U.S. by 2008. or even in a ten million vehicle/year market like we are in since 4Q08. No excuse.
Breaking news: The Caspar, Wyoming Star-Tribune reports a bit more on Merbanco (and admits they do not know who Merbanco is really representing, they are only able to find out a bit more about the Johnstons and the Agco connection)
"...Another Agco board member and Jackson [Hole] resident, Thomas H. Wyman, has served as a director of General Motors, although he has not been named in reports of the Merbanco bid for Saab.
Formerly of Ohio, Richard Johnston is also a longtime director of Akron-based Myers Industries, a plastics manufacturer that specializes in parts for automotive, marine and commercial industries.
Myers Industries is the largest U.S. wholesaler of tools, equipment and supplies for the tire service and under-vehicle repair industry. ..."
http://www.e24.se/branscher/verkstadsindustri/artikel_1383473.e24
Jöran Hägglund Undersecretary of Commerce comments on the imminent SAAB sales. “Swedish National Debt Office” has been instructed to prepare Government loans for new investor. He stataes that negotiations between GM, SAAB and new owner are in its final phase.
It’s close now…
http://www.reuters.com/article/mergersNews/idUSLB79943720090611
http://www.regeringen.se/sb/d/11999/a/128188
Swedish television states that Koenigsegg together with some unnamed Norweigan investors is the buyer of SAAB!
!!!!
"According to the Report, the Koenigsegg and Norwegian investors who may buy SAAB Automobile.
Buyers have signed a letter of intent to buy the SAAB. Final Negotiations on the details of the sale will last the next few months.
Koenigsegg is a small manufacturer of exclusive sports cars in Ängelholm and sources have reportedly been supported by Norwegian investors to implement the deal."
: http://svt.se/2.105671/nyheter
http://svt.se/2.22620/1.1591468/koenigsegg_koper_saab?lid=puff_1591422&lpos=rubrik
"GM picks Sweden's Koeniggsegg as frontrunner to buy Saab"
Sweden rules!
sweet isnt it?:)
Fiat is now certified as yesterday's news.
http://www.thelocal.se/20022/20090611/
Sports car maker buys Saab: report
Published: 11 Jun 09 17:15 CET
Online: http://www.thelocal.se/20022/20090611/
Sporty Swedish car maker Koenigsegg has teamed up with a group of Norwegian investors to buy Saab from General Motors, according to Sveriges Television's news show Rapport.
Koenigsegg has signed a declaration of intent with regard to the purchase, with more detailed negotiations set to continue over the coming months.
The sports car maker, based in Ängelholm in southwest Sweden, has secured the backing of Norwegian investors, according to Rapport.
More information soon.
Paul O'Mahony (paul.omahony@thelocal.se/08 656 6513)
http://www.e24.se/branscher/verkstadsindustri/artikel_1383793.e24
Koenigsegg buys SAAB!
Hurra! Hurra!
If 100% true, YAHOOOOO!!! Happy days are here again.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aaMdJ34vikQg
Yes we only have one source, there is a chance that it might be false. But now would be the time for GM/SAAB officials to speak out!
Just let hope that Swedish Public TV has a credible source!
Hopefully it´s not just heart over brain. This sounds so good :)
Welcome back to The State of Independence !
http://www.reuters.com/article/mergersNews/idUSSAT00632320090611
Congrats! K-Segg.
I wonder if Merbanco also backed them financially?
Either way - Go Koenigsegg-Saab! :)
http://www.ultimatecarpage.com/forum/general-automotive/13279-fast-show-koenigsegg-ccr-cc8s.html
To me, the 6 excerpts (from the article) outline what I think are the key desirable attributes for SAAB, and of which can not only inspire SAAB the company and all its employees, but also how they see their own future and how to get there:
1) "Christian von Koenigsegg is the full name of this young Swede who had the passion for all things cars and who had this unrelenting dream of building his own super car ever since he saw a Norwegian movie about a bicycle maker surmounting the odds and making his own car – he was five at that time."
2) "Having an astute and uncanny business acumen and entrepreneurial skills, Christian took his first steps in the world of business 23 years ago when he started a trading company called Alpraaz in Stockholm, Sweden."
3) "He has patented many of his engineering innovations, which can be seen on the Koenigsegg CCR and CC8S models. These include the unique door hinge mechanism, detachable hardtop, supercharger response system and the catalytic converter that has been suitably worked upon to reduce emissions even further while aiding in generating better power."
4) "Right from the beginning, our intention was to take small but firm steps towards our goal and the journey has been a long one. We were very clear in the DNA we would infuse in our cars. They had to have performance and technology as the benchmark in the category while retaining all the ethos of being true blue driver’s cars. That is to say, whilst we used the best technology available whilst making the car, we refrained from adding a lot of driving aids and complex electronics that would have only diverted the onus from the driver."
5) "And so is the case with the Koenigsegg. In a land of around 8 million people, the Swedes are highly automotive intense with a high knowledge base and for them a Swedish supercar makes for some smiling faces. This is a car with an honest approach and is minimalistic to the core, giving a focused design."
6) "Christian von Koenigsegg and his partners have invested more than 30 million US dollars into this project and it is now payback time as the products are being much sought after. One of his creations was recently sold in the UAE and the future looks bright for this new member into the supercar club, as Koenigsegg seeks to make further inroads into the Gulf."
You may be correct but I have seen no reason to think a company that makes 20 cars a year with nominally low sales turnover can handle the enormous task that is Saab. The Sweden Government is going to loan $600 million to the same group? And JAJ wasn't there, for the sale of his company? Very mysterious.
I am willing to be convinced and hope it works great for Saab.
and....I would buy a Saab from K-Segg.
Australia is what? SMT+11?
http://finanza.repubblica.it/News_Dettaglio.aspx?del=20090611&fonte=TLB&codnews=749
published today that K.segg will get SAAB. The source is Bloomberg. Apparently K.segg will get SAAB as "they have made investments towards the restructuring of SAAB and they are a car manufacturer".
I do not understand which investments they are referring to !!!!???????
http://www.bloomberg.com/apps/news?pid=20601087&sid=aaMdJ34vikQg