Reuters: BAIC carving Saab up. SU: Wrong!

Reuters are taking punts on tying together a bunch of news stories.
Story #1 is the purchase of Saab tooling for the outgoing 9-5 and pre-2006 Saab 9-3 models. This is not a new story, has been out there for around a week now and is one that is true according to Djup Strupe.
Story #2 is the granting of a $3 billion loan application that BAIC made to the Bank of China, which pretty much amounts to one beauracrat walking across the hall and asking another for a pack of cigarettes.
Throw in Story #3 about the separation of various parts of Saab, which was set in motion a couple of months ago whilst Koenigsegg still had a Share Purchase agreements and voila!….instant story.

General Motors Co is talking to BAIC, China’s fifth largest car maker, about a partial sale of assets associated with its Saab brand, including tooling and technology, two people with direct knowledge of the discussions said…..

They get into the facts:

Under the proposed deal, BAIC, which lacks its own car brand, would set up production in China based on an older generation of Saab vehicles, including the 9-5 and 9-3 models, the people said.

…..and then they get into the harmful and pretty much baseless speculation:

The partial sale of Saab technology to BAIC would likely clear the way for a liquidation of other assets held by the brand, including its headquarters and could threaten more than 3,000 Saab jobs in Sweden.

But that’s alright as long as you include what’s really going on as well:

At the same time that GM is talking with BAIC, it is also vetting several other bidders that have expressed an interest in buying all of Saab, the sources said.

GM are looking to sell Saab, not bits of Saab. Not at this stage. They sell ‘bits’ of it when there’s no buyer to take the whole thing. It’s called a liquidation and that’s what people interested in ‘bits’ of Saab will be waiting for.
The partial sale of older technology was a smart move based on the idea of getting extra revenue for old assets that weren’t in use anymore.

wpDiscuz