UPDATE below
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I’ve heard from several different sources now that there is a Swedish group interested in the acquisition of Saab Automobile from General Motors.
I don’t know any more details than that, other than they’re Swedish and have been in contact with Deutsche Bank about the sale.
Many news stories have been saying the GM are negotiating with two groups about the purchase of Saab, claiming that Renco Group are the second group, along with Spyker. I heard and published here at Saabs United over a week ago that Renco were out of the running.
It would seem that this Swedish group would be the second group mentioned in reports.
I don’t know any more at this time and I doubt many details will be forthcoming now that I’ve written this, but that’s the news as I hear it.
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And Swedes – information told in confidence will remain in confidence, as always, but used for the benefit of context, as always.
——
UPDATE:
I’ve spoken with people at Saab, who have not heard directly from this group at present. This is not that unusual given that all the preliminaries are done with Deutsche Bank and at the moment, Deutsche Bank probably have their hands full dealing with Spyker. This is now a compressed process; they have only a couple of weeks to do what was done with Koenigsegg over several months.
I guess it’s going to be up to these Swedes to bring themselves into the light and the last email I received from their representative said that more information should be made available very soon.
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{ 71 comments }
Fascinating. I hope they aren’t too late to the party.
A bit late in the game but a very welcome piece of news. K-G in cahoots with the likes of Spyker maybe?
A bit late in the game but a very welcome piece of news. K-G in cahoots with the likes of Spyker maybe?
Are you serious Swade?! I just cant belive this rollercoaster! Cant wait for more details, but its hard to belive CvK and the guys arent involved somehow.
Quite serious, kalle.
I’ve heard the same thing from two different sources now. One that I know and one previously unknown to me. Both saying the same thing and one seemingly quite connected.
Interesting times. This dance ain’t over yet.
I had two thoughts when I reas this: Koenigsegg and Management buyout.
@Kalle: right, it’s hard to believe that CvK has nothing to do with it…
Perhaps someone noticed CvK this summer, and decided to finance him in his quest to buy Saab, lika a “dragons den” episode but on a larger scale..
This is really intersting times.
But as always there is a HUGE leap between being interested and in two weeks time actually commit to buy the company.
Do we now see the real course why K-G dropped out? BAIC have not yet come with a clear message on weather they are in or out, but now they seem to open up.
That we heared about it today must not mean that they just started. Hagglund had four bids with him when he went to Detroit IIRC. So maybe that was one of them and it just took a while until it leaked out.
Interesting starter for the new week…
WOW! Thumbs up! I’ve always said there’s only one good solution:
Sweden, Buy Saab Back!
1. Greg, Do we really know all the bidders? We have known only some names that leaked to the press. (I sometimes think some bidders wanted their names to leak to gain some public interest)
2. The group of Swedish investors?. I wrote about it some six months ago. Almost 2 years ago I visited one of the local dealers (bought the timing kit for my 9k – bloody expensive, so you remember such a visit for a long time). I spoke to the owner who, even though sold also (and mainly) Mazda’s at the dealership, was a real Sabber. He told me, they had had a meeting of all dealers from Poland, and had been told about the group of Swedish investors, not really happy of GM Saab performance, who had been planning to bring back Saab to Sweden.
If there were such a group in the past, it’s very likely, they are back to stage now, when the purchase can be done much quicker.
On the other hand, I think GM will chose Spyker. KG and Spyker are the companies less dangerous for GM in future. GM can expect them to turn Saab into a “very niche” brand, with lower volumes. The brand that will not compete to Future GM European operations.
It’s to early to judge if this Swedish consortium in a good choice for Saab, as we know nothing about them, but for sure It’ll be another INTERESTING week.
(There was a song in Poland some 25 years ago, when we were under Soviet rule, where the singer describing everyday life in Poland sang “we live in interesting times” The last thought of the song was: “I wish I had lived in boring times”
Sometimes I want the news coming from Trollhattan to be really BORING!)
Wonder if this makes BAIC’s press conference Tuesday of more importance? They may have found another Swedish partner or are going to say they have what they want in the old SAAB tooling and are no longer in the hunt for SAAB. That would leave an opening for someone else to step in with CvK and pick up the contract where it was in late November.
Jack
I wouldn’t read too much into this and the BAIC presser. BAIC will just be about the parts.
Kuba +1
Me too. Perhaps Bard Eker and Friends got other folks involved, some of whom maybe ex-Saab management, and decided to express some interest.
As far as I’m concerned there seems to be a wide range of scenarios where the parties: Spyker, Renco (if still in running), Koenigsegg, some other yet-known Swedish group of private investors (may include Eker) may be able to purchase Saab entirely as with each other as partners with varying % shares.
Recall this article I posted a long while back when CvK was still in the game. There seems to be a backdrop of willing folks in Sweden who are generous and bold when it comes to helping a business out. This was about K-egg when he was starting out:
http://www.caranddriver.com/reviews/car/01q4/koenigsegg_cc_v-8_the_swedish_super_egg-road_test
Excerpt:
“In 1997, Koenigsegg hired two clay modelers from England, veterans of Lambo and Jaguar projects, to create the buck for the carbon-fiber molds. But by now Koenigsegg had burned through his government grubstake.
Then a funny thing happened. Word got around. “A lot of people, when they heard about the car, were very excited to learn it was being made in Sweden, and they wanted to help.” Among the first was Kjell Nilsson, a former vice-president of Electrolux who signed on as chairman of the board, working for free “just to see it happen,” says Koenigsegg. “He opened a lot of doors for us.”
Some of those were back doors. Saab engineers quietly donated their expertise in engine management, helping to develop a Trionic system for the flat-12 motor Koenigsegg is working on. Volvo took shares of the company in exchange for wind-tunnel and test-track time, kicked in expertise in many areas, and greased the wheels with Sweden’s suppliers.
By 1998, capital was flowing. “Strangers would walk through the door and say, ‘How can I help?’ And they would write a check.” Of the company’s 160 suppliers, more than 120 are Swedish. More help came from across the pond. James Glaser, an American composite engineer from Newman/Haas Racing, found himself unemployed in Sweden after moving there with his Swedish wife in 1996. He called to see if he could work on the project.”
“Ko-pojke Upp !”
The BAIC press conference will bring just one message: They bought old 9-3/9-5 tooling and start buiding CAAB (Chinese AAB) cars in China for domestic market. 90%sure.
I think all the Magna affair was about IP rights and GM really cares of not supplying their technology to possible future competitors. When they spoke to Magna, they weren’t sure about Government’s help and getting rid of all European operations could be seen as a part of only possible healing plan.As the situation changed (including some changes in GM board) they broke the deal.
GM seem to be likely to operate, with newer models, in Chinese market through SAIC where there still have 49% shares. They would be stupid to create a direct competition to their Chinese partner. The Chinese market is the only really growing market in the World and they must protect their position there. I believe we can forget about BAIC, and eliminate them from our speculations.
Agree Swade, 3AM musings. If it is conformation of the tooling sale it still should help on the sale as SAAB will either have some cash on hand or be less in debt.
BTW: What’s a Swedish word for “Chinese”?
(Just to create a full name of CAAB) (-:
A message from one hour ago:
http://www.boston.com/business/articles/2009/12/14/gm_reportedly_pushing_full_sale_of_saab/
As far as the front page of SU is concerned, BAIC haven’t been part of consideration for purchasing Saab for many, many months.
Just sayin.
I don’t think KG are involved in this Swedish group. The contact I’ve received is nothing to do with them, at least, but that doesn’t mean anything definite. I’d be surprised though.
A message from 5 minutes ago. Note the remark that “Saab is absolutely not being sold in pieces”:
http://motoring.asiaone.com/Motoring/News/Story/A1Story20091214-185787.html
BAIC have probably got what they want for now, but they may still like an option on later Saab tech when it becomes obselete.
That would be Kinesiska Aeroplan Aktiebolaget (KAAB)
I read several months ago an article on the Investors AB, went with the theme of “return to domestic industry.” In the interview, it was primarily concerned with the fundamental strengthening of the domestic industry. For saab there was only a short statement: – “Saab Automobile AB is a traditional Swedish company with a high innovative potential, which currently lags far behind its potential.”
Read between the lines! this is a good statement! But perhaps we should do another surprise – we’ll see. Investor AB is currently focused especially on the strength in the domestic market.
Just speculating, CvK backed out because deal dragged out. Now, the centerpiece of that plan say 2B SEK is secured, public opinion has changed and government are feeling the wibes. That in my eyes makes a CvK/Eker plus SAAB management buyout a plausibility. Funding is secured for at least 6 month by the BAIC money. Also, given SAABs new, fantastic connection to China – on the radio Gustavs just announced SAAB will bring the expertise to China for assisting BAIC, I could see the major Swedish suppliers taking a share in SAAB.
On the one hand what we know about all the potential investors? Nothing real, outside the press speculation.Nothing concrete from SAAB to.And from the Swedish government.
On the other hand, Joran Hägglund and JAJ went to Detroit and somehow convince GM to abstain from the decision to “closure” Saab. Joran Hägglund merely stated that in the “baggage” had four investors.
With speculation came out: Merbanco, Renco-definitely. BAIC buys lines, but clearly say that they are not interested in a factory in Trollhättan. Spyker came out like a rabbit from a hat. Nothing concrete, people with Spyker did not talk beyond that, that they are seriously interested.
And think: Who has prepared a business plan really? v.K ? No, most work was done by Saab Automobile.
1. EIB loan – is ready. One source for the money for the further Saab existence .
2. Swedish government guarantee -prepared. And the announcement loans “transitional” for a year, two.
3. Dividing of Saab Automobile in 5 units. Potential opportunity to an operating lease and lease back any real estate. So probably next source of money for further SAAB existence .
4.production lines 9-5, 9-3 , and engines and transmissions for BAIC – allready done. Next money source for the furher activities.
5. in Trollhättan are allready installed production lines for the new 9-5 and convertible. No one can hear anything about dismantling.
Perhaps speculation are too fanciful speculation, but do not be surprised if there was something like this: Management buyout. In cooperation with Spyker, based on the money behind the Spyker.
Had they succeeded, and connect a few extra elements, it would be nice surprise.
Well, SCAAB or SKAAB doesn’t really have the ring to it.
Volvo was the interest of 2 Swedish parties, Crown and Jakob. Maybe one (or both) have switched targets….???
Though I find the Spyker’s enthusiasm amazingly great, Swedish is in the name – SAAB.
The fast music will play until the very last minute, no time for slow waltzing…
Enjoy the beat!?
Oh, and my Koenigsegg sticker still sticks…
Link to Auto & Motorsport: http://www.automotorsport.se/news/19921/officiellt-saab-och-baic-samarbetar/
I had that article in mind, too.
According to K-segg: if they found some new money and want to go on without BAIC (as long as their benefit, the tooling is already gone) they might be involved in something new.
CvK said that they help in the background. Maybe not – as I read it then – for the whole deal but for one special Swedish bidder…
Anyway, at the end of that interesting but strange year nearly anything can happen I think.
Holy shit! This really got us going, didnt it!
When the Koenigseggnews broke here at SU I posted something like; “Yeah! Saab back in old Sweden! I cant belive it! Im almost crying here!”
I would like to post that again.
Nobody saw this yet?
http://newsroom.saab-web.com/news/news/saabautomobileandbeijingautomotivereachmilestoneintechnologycooperation.5.12142dab1255c3965657ffe341.html
OK, the link is not nice in the previous post. Just visit Saab newsroom for details (BAIC buys assets).
Sorry about the broken link above. Just visit Saab newsroom for details (BAIC buys assets).
Time for some wild speculation.
Who has the money and the future? The one that spring to mind is Vattenfall, an energy giant, 100% owned by the Swedish state, a part of Maud’s headache/opportunities.
There are multiple reasons why this would be a perfect fit.
The money: Vattenfall has it, no doubt.
The management: SAAB has it, no doubt.
The political scene/government: now they’re acting, saving SAAB, regaining green action together with saving jobs now when they are pressed in polls.
Green image: Vattenfall needs good green projects
Vattenfall is already involved in some projects with SAAB and Volvo cars (as reported earlier here at SU).
History: Vattenfall was founded 1909 (100 years ago!) from Trollhätte kanal- och vattenverk, the Olidan water power plant being its first is located in Trollhättan!
Logic: Electric power will be the future for car transportation, it is a new situation (a paradigm shift) and both companies need to learn fast, use each others competence, also for the future export of technology.
Timing: There is COP15 going on. What better opportunity to announce a green electric SAAB future?
I know, it is wishful thinking but this is just a comment in a blog, isn’t it?
In the Dutch financial newspaper http://www.fd.nl :
http://www.fd.nl/artikel/13789946/spyker-favoriet-saab
don´t forget that sweden has a very rich man who ownes Electrolux and is very found of Saab
Very confusing information by Saab. ‘Current 9-5′ easily misinterpreted.
What does ‘certain 9-3 parts’ mean – pre-2006 or pre-2003 ?
I agree, the statement is confusing. Also, what does ‘in the future’ mean?. This is against the option of selling assets to BAIC and liquidating the rest of the company (rather good news).
As I have stated before, Saab should have multiple share owners, like companies often have.
And I expect that Saab Automobile will have multiple owners in the future once this separation phase is over.
SAAB czar, Joran Hägglund, now confirms that there are ongoing negotiations for the whole company (SAAB Automobile AB). He thereby takes away speculation about a SAAB break up in 4 or 5 parts. Nothing new for us at SU, but good that he does this for the rest of the press and a good thing for SAAB.
He adds, this is to be enable SAAB to continue its current business and to create some peace and quiet.
from e.24: http://www.e24.se/business/verkstadsindustri/forhandlingar-om-att-salja-hela-saab-pagar_1743239.e24 – quoting SU by the way, again!
Unsurprisingly, the media are now starting to repeat the rumour of a Swedish prospective buyer. Here’s the E24 version:
http://www.e24.se/business/verkstadsindustri/rykten-bubblar-om-saab_1743275.e24
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Rumours bubbling about Saab
Rumours about who – at the last minute – is interested in buying Saab are still going around. A Swedish intersted party have allegedly now entered the game.
According to initiated Saab blog Saabsunited.com, a group of Swedish interested parties have contacted Deutsche Bank to finance a purchase.
The other identified interested party is Renco Group along with Dutch sports car manufacturer Spyker.
Spyker have confirmed that they are still interested after BAIC’s purchase of technology regarding the 9-3 and 9-5 models.
—
Seems that E24 misunderstood Swade’s comment on Renco and are interpreting it as a joint bid between Renco and Spyker.
‘along with’ doesn’t necessarily mean the two are joined. I think they’re just saying the two are bidders (though I’m informed that Renco aren’t in the game any more).
Sounds lovely : KAAB
And the red dragon logo (-:
Lucky those of you who have 9-3/9-5
Lots of cheap parts available soon.
Possibly good quality parts as when they start copying original parts in China, they can by quite good.
The trouble with Chinese parts used to be thet they copied copies (or copies of the copies) of Original parts, so quite often they were hardly similar to OE.
Maybe it lost something in my translation back to English, but I definitely interpret the E24 story to mean that Renco and Spyker collectively form the second bidder. And you can see how it’s possible to form that opinion from this phrasing – “claiming that Renco Group are the second group, along with Spyker”. Of course, if you read the next sentence, then that interpretation becomes impossible, but I guess the E24 guy didn’t get that far…
)
I LOVE IT !!!!!
I don’t watch TV any more. Saabs United is my daily entertainment:-)
And this from Bloomberg.com today, regarding Spyker…
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aG.jcJWoiBsI
Very interesting Eagle63!
Shows how deply involved Victor Muller is, he is performing this interview from Zürich, we all know where JåJ spent the weekend, and this comment:
“Tomorrow there will be a press release from the Chinese,” said Muller from Switzerland last night.”
It seems as though they were around the same table BAIC, Victor and JåJ.
And also this from Victor, reminding me of Koenigseggs problems, fortunately everybody knows now there´s only days left.
“There are a number of agencies who have their say about it,” said Muller. “I would not say that they delay care, but it is true that the speed is determined by the slowest.”
And last, I am glad that mainstream media are now reading here at SU, perhaps they´ll get it right when the big one comes!
Cheers mates!
I have a good feeling about this for the first time in a long time.
This is going to be a nice jul (“yule” for you foreigners).
Swade!
I like that update! So your´e in contact with them directly? That´s crazy, this is getting better by the minute!
Your news about this is beeing reported in expressen and E24, maby more!
Since it´s likely Victor Muller and JåJ has been to GM europa headquarters this weekend you hav to tell the swedish group to hurry!
I was contacted by a representative of the group. I don’t know if he’s part of the actual group or a PR guy for them.
To be honest, the fact that they’re Swedes is encouraging, but it doesn’t mean they have the money to get this done. The fact that they’re so late to the game is also a worry.
They’re around, but I’m really not highly hopeful of their chances at this late stage.
When all this is over, I hope Saab recognizes Swade’s rocksolid, objective and unwavering reports.
In the ocean of what if’s, guesstimations, fantasy and plain bad juornalism he’s giving of his own time to keep the Saab supporters around the world up to date with suprisingly accurate information.
me neither, as I´ve said I expect the deal with Spyker to be announced this week, certainly after reading eagle63´s link to a dutch paper, don´t you think?
Saabsunited has become the worldwide information source and authority on all things SAAB.
Thanks Swade for helping keep the dream alive. I’m checking the site at least 5 times a day to keep up to date.
It seems like there is more than one good option now, so maybe I can sleep a little more.
I can’t help wondering why this new Swedish group choose to announce themselves this way, by “leaking” tidbits of information to SU. Are they hoping to create a buzz, let the rumours build up for a few days and then step forward? Maybe they think that will get them greater and more positively inclined media attention than if they had just sent out a press release or something.
Still, it seems an unlikely way for a really serious suitor – say Investor or Vattenfall – to conduct their business. It’s more likely to be a financially weak, newly formed entity like e.g. an alliance of subcontractors, who hope to make up for their lack of funds by rallying the Saab faithful to their cause.
It’s not the way Investor or Vattenfall usually would do business but it may be a serious party anyway. It’s a late stage of the whole process now and to enter it you may have to act different than usual… You have to be creative to enter a rollercoaster during the ride…
It’s amaizing how SU is recognized now. And Swade deserves it.
Im not getting overly excited with this new Swedish bidder as we all know what happened last time. I’m just going to hold my breath until we find out who Saab’s new owner is.
Great to see that the intention is to sell Saab as a whole company. Fantastic news.
I just don’t think this SMB (Swedisch Mystery Bidder) is that new to the game, I think this party has just been clever enough to keep outsite the spotlight, not wanting to feed wild speculation. I always found it strange that Mr Muller of Spyker sought the publicity so openly in such an early stage. It just doesn’t make sense, I would keep my cards very close to the chest if I were in e high stakes game.
Me too, but confidently, not worryingly.
I used to search Google News, both U.S. and Sverige, to make sure I didn’t miss the latest SAAB scuttlebutt, but now that they all cite Saabsunited as their source, there’s no need. Great work Swade!
Weeks ago I was checking online news aggregators for anything Saab related. SU is now the place to go for the best sourced, most carefully analyzed and juiciest djup strupe Saab news anywhere on the net.
I’m also wary of these Swedish latecomers to the bargaining table. But perhaps they have been in secretive negotiations to this point, but only chose now to leak a teaser to us.
Wow … funny that both josimar and Ted Y echoed my thoughts just as I was posting mine. The great Saab community thinks alike!
+1 josimar
“The loudest is the drum which is empty inside” (a proverb of Chinese?! origin says).
For the last half a year all the bidders tried to be quiet on the talks to GM. Just to give CJ exapmle who started speaking only when he was sure to be out of the game. Renco MASTERED keeping quiet. KG… until they were chosen, kept quiet.
Only Spyker made an official statement on their website and in many interviews. Looks like they have nothing to loose….And nothing to win.
I might be wrong but the way they play this game is a bit strange.
I cannot help but wonder if the Swedish bidder came late to the table because they just came across $425 million US Dollars? Someone else mentioned the possibility of a SAAB management buyout. Well, SAAB is now $425 US Dollars richer. GM purchased the whole of SAAB for $600 Million US Dollars, albeit in two separate payments that were ten years apart.
A part Swedish financer or corporate backer – part SAAB management ownership would be awesome! Seems fitting for such a unique company as SAAB.
“Tomma tunnor skramlar mest”, we say in Sweden. “Empty barrels make the most noise.” It’s an old saying, so I doubt we got it from the Chinese.
A bunch of us were complaining about KG’s silence this fall.
By filling the news with fluff, at least it takes some attention away from all the doom and gloom headlines we’ve witnessed.
Inaccurate reporting doesn’t seem to be a problem these days. A badly reported story sells just as well as a carefully researched one.
I believe koenigsegg is back in the running remember my previous comments that GM did not want Baic to have access to the latest technology hence Koenigsegg pulled out, I suspect they had no choice, now Baic have got the older stuff its game on again.
[Begin Wild Speculation] Investor AB/Wallenberg? [End Wild Speculation]
This could be, and probably is, absolutely nothing, someone just shooting the breeze to amuse themselves, but even so I can’t help repeating it. It’s a reader comment I noticed at DI.se, on one of today’s Saab stories:
—
SAAB KAN RÄDDAS! 2009-12-15 17:28
Ett svenskt bolag med flera svenska storbolag bakom sig håller på att räkna på SAAB! Med inriktningen är den Norska Elbilen samt nya miljö saab bilar. NEWS!NEWS! Håll tummarna att det går vägen!
åke blom
SAAB COULD BE SAVED!
A Swedish company backed by several major Swedish corporations is currently assessing SAAB! The focus is the Norwegian electric car along with new green cars from Saab. NEWS! NEWS! Keep your fingers crossed that it’ll work!
åke blom
—
Sounds like “SAAB INTRESSENTER” .. redux.
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