The following press release was sent to me by Lars Carlstrom, the Swedish representative for the Genii Capital bid for Saab.
------
Luxembourg, January 7, 2010
Genii Capital announced today that its interest in making an offer for the acquisition of a majority stake in Saab SAS in a partnership with Mr. Bernard Ecclestone.
Genii Capital - which has been brought into the bidding process at a late stage by advisors close to the deal - has decided that given an adequate and short timeframe for finalizing its offer, it will aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company.
The investment group which has diverse investments and a strong knowledge of the automotive industry believes that it can add value to the car manufacturer by working on synergies with some of its portfolio companies in the areas of energy efficient engines, OEM components and on-board IT and media technologies - including pay per listen/pay per use systems.
Genii Capital believes that the automotive industry will see - as expected - strong developments in energy efficiency, safety systems but also in the area of on board entertainment systems including technologies that enable use on demand systems as well as innovative communications platforms such as VOIP and GPS location based services. All of these areas being at the core of Genii Capital investment focus.
The group believes that SAAB has a tremendous brand value in a number of key automotive markets as well as an innovative image allowing it to be at the forefront of the car companies that will be first to market with some of the above mentioned technologies.
About Genii Capital
Genii Capital is a private investment firm that places common sense and business sense at the heart of the investment decision-making process while targeting solid performance. Genii Capital's investment philosophy is to create value by investing in ideas, brands and projects that are innovative and often disruptive to their business environment. Active in North America, Europe and Asia, Genii Capital's core investment target areas include brand management, emerging technologies (including public health, energy and environmental technologies), hospitality, entertainment and the automotive industry, including: Renault F1 Team; MOV'IT - a highly specialized high performance brake systems design and manufacturing company; and MCE-5 - a variable compression ratio engine technology.
For more information, please visit www.genii-capital.com
That was a big surprise. Now we are talking money!
Nothing like a man trained in the world of used cars to get a deal done.
http://www.saabsunited.com/2010/01/you-make-the-news---snippets-edition.html#comment-42638
Whats up big ED
Ok, this newest bed is starting to look very serious. Bernie involved, omg, I am lost for words.
This is friggin' AMAZING, never would have guessed it.
Seems to be fully France made. I hope the press release is real.
I have a preference for who would buy Saab, but frankly it doesn't matter. Saab must live, so any of the three is ok with me.
Cowboy up!!
Bernie Ecclestone net worth £1.466billion (2009)
Nice.
There are going to be several books written about these events. I may write one of them myself. But only if there's a happy ending.
Bernie Eccelstone! That is mad! Of course we already knew that SAAB only interested supercar-makers or F1-team owner, but mr motorsport himself? Let´s see, his l o a d e d, the image-gain is beyond belief, it´s just crazy. I like that the Genii-guys already knows where to send their PMs!
I was optimistic even before I read this, where´s it ending?
I think there is an issue with get a buyer that is TOO GOOD as well...
If anyone at GM went to business school (doesn't seem like it) I think they would fear some of these offers for possible future issues.
:-)
I guess that was THE big surprise from the SaabOracle...:)
Nice turn on things..:)
SAAAAAB UP!!!
This was a real bomb!
http://www.hildeblog.com/wp-content/uploads/formula1.jpg
:)
Things are happening... this is really interresting news to say the least.
Wonder if Bernie would take Saab back to the rally were it belongs? The new XWD systems would be fun to try...
Mr Whitacre... need more money? If you can't see the cash now, I can recommend a good eye doctor... :D
Next 24 hours will be very exciting. Sleep anyone?
Thats the maddest and greatest thing I've heard all day, can't get much more of a media shark than him, oculd be a useful asset to the brand in the future
Now let's hope for a successful a conclusion of this sale... Either:
Cowboy Up!
or
F1 Up!
or
Tulip Up!
This is crazy, CRAZY!
How reliable is this? I don't know anymore what to think anymore... Just SELL IT!
And we heard it first from Steven Wade! This is quite incredible. Thank you.
http://en.wikipedia.org/wiki/Bernie_Ecclestone
Heart says "let them loose"
Merbanco, Spyker, Bernie... I mean... Ed, show me your ass
Houston (Detroit) we have an owner!
Just a thought ;)
Bernie knows everything about cars and the car buisness..
This is big PR. What would "windmill" Moud do yet , hey Mr car himself wants to save SAAB
http://www.movit.de/rahmen/saab.htm
This bid could certainly be seen as a too aggressive one, but that's very hard to determine w/o knowing how the bid is made up.
Other than that and even if this bid doesn't get picked by GM it is truly a massive image gain for Saab as Henrik commented.
GM was sitting on a gold mine with Saab but NEVER deserved to rub shoulders with them, ever.
The brainpower in Per Gilbrand's left thumb is greater than the collective mental energy of GM's worldwide management teams.
Ditto hugh on congratulating Swade for what may possible be the biggest news break in Saab's history. I would like to see other outlets start to report this news as well, just to further legitimize it. Not to knock Swade, I'm just in disbelief!
i think it is time to revive THIS car:
Or this one:
http://www.saabhistory.com/blog/wp-content/uploads/2007/01/barbersaab.JPG
He is the lowest form of life on the planet but that is what we need to deal with the scum at GM.
Ps. Team SAAB F1 and the new era of turbocharged F1 cars is just around the corner!
(And the Swedish press continue their mantra... "this last minute bid process is just a last shake from a dead company" was said by one "motorexpert" at TV4 just minutes ago)
I say they are very very wrong.
Bernie? God help us. And I was just WISHING today that he would leave F1 soon...and now he may be a part of SAAB?
HELP!!!
Well by all means...be my guest.
I guess when the amateur's had their say, the pro's come out to play...Just CAN NOT believe it...yet.
Griffin UP!
This is sure to make every news outlet! Talk about free publicity! SAAB has been in the news almost daily!
http://www.businessweek.com/news/2010-01-07/genii-capital-ecclestone-to-bid-for-general-motors-saab-unit.html
http://farm3.static.flickr.com/2517/4202846323_b278ca9b01_o.jpg
Bernie, CvK, CJ, VM and JÅJ believe in a future for Saab.
Ed and Maud do not believe in a future for Saab.
I wonder who has the best knowledge about cars and the auto industry....
pheuu! waow
And now the Ridiculous Border is found!
This is beyond amazing, but I am a little wary of the little man. He is very tough but a race nut indeed.
Let's remember that GM were said to be "positive" to this offer...they probably knew that Ecclestone was behind it.
It would be interesting to compare Saab's sitation to Apple's turnaround.
It would be interesting to compare Saab's sitation to Apple's turnaround.
I wonder if GM are slowly realising what they've missed out on all these years?
There's demand for this brand of ours :-)
;-D
I can not tell you how glad I am when reading this. And I must say following: IN YOUR FACE SWEDISH JOURNALISTS!!!!! It has been real frustration reading articles about SAAB in Swedish press. Of course clever ones will now change sides and write only positive about SAAB, but I promise that I will never forget this shame!!!
One minute to go to 11 o clock!
Or is he only trying to make sure that her daughters can buy a good looking cab?
I'd like to see an official press release from Gemii.
OK Ed, now you better should get dressed warm. With Bernie, you can forget your little games.
Just wow! Now this story is bigger than life.
My hopes are high that we are experiencing the last-minute turnaround right now.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_HyvWDfS9ms&pos=5
I've been searching but I haven't found anything yet.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_HyvWDfS9ms&pos=5
And they may not be sent to the island of misfit toys...
I don't care what anyone says, I love my 9-7x, even if its parents are mixed breed and both have disowned it.
May the best bidder win!
Jim
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_HyvWDfS9ms
This site has been part of my daily (positive) routines and what joy it brings! Brilliant! Thank you all!
And to the news: It's genius to play the press release through Saabsunited.com.
Now let's see if the fat lady is rehearsing or has a sour throat...
Enjoy!
It Says
Genii Capital, Ecclestone to Bid for General Motors’ Saab Unit
Without Ed. ;-)
http://www.dn.se/ekonomi/genii-bekraftar-bud-pa-saab-1.1023360
from ttela.se via google trans
Nygren of the Swedish stakeholders
Two Swedish business profiles leads one of the groups that want to buy Saab Automobile to General Motors, are experiencing daily Dagens Industri.
It's about Hakan Samuelsson, the former head of the German truck maker MAN, and Jan Nygren, a former vice president of Saab AB.
According to Dagens Industri is their business to Saab Automobile production scaled to 45 000 - 50 000 cars per year.
The business plan should not require any loans from the European Investment Bank and is based on the first start producing the new 9-5: an.
Bernie is known to be very hard business person who would not waste a penny into wrong dice. So in that regard this will have a positive image effect for battered Saab.
There are so many bids that it will take GM way into next week to figure them all out. In the mean time, media will be all over Saab.
yesterday we had nothing concrete, 2day we have more than enough to get the brand sold.
I don't care about the press, swedish or not. once (any) deal goes through, they will begging for advertising money to sustain their poor and meaningless existence.
wonder what the swedish government has to say know, especially this "pretty" lady...(this guy might buy them as well if he wants), they better play fair with him!
http://www.boston.com/cars/newsandreviews/overdrive/2010/01/bernie_ecclestone_part_of_newe.html
That's great!
I still hope for CJ and his partners so ..
Cowboy up!
Spyker is second in my book. But I would gladly support both Merbanco and/or Spyker as the new owner of saab
Mr. Ecclestone, what can you say?
GM will now have it very difficult to say that there are no bidders who are strong enough financially. I am convinced that both Merbanco and Spyker have sufficient financial resources to buy Saab. But now with Ecclestone and Genii in the "bidding war" it would be pathetic to the GM to say that there are no financially strong buyers.
I am very unsure of Mr. Ecclestone - financial strength, yes absolutely. Stong will? Yes, absolutely. But there are many questions surrounding him in my book. But he is more than welcome to prove me wrong if he and Genii ends up buying Saab
I did not really believe it until Busniess Week and Bloomberg posted it too! WOW, this could bring Saab to where it really belongs, up there with the best positioned brands AND with access to immense resouces, technologies and MARKET ATTENTION like no one else! Sales in the 2-300k within 5 years as all the new sexy vehicles are introduced!!!
YES!!!!!!!!
Genii UP!!!!!!!!!
http://www.businessweek.com/news/2010-01-07/saab-delays-board-meeting-as-spyker-genii-plan-to-submit-bids.html
Surely it is classed as Saab Automobile AB
On BBC news in England now-
Some 3,400 workers at the Swedish motor company, Saab, have passed a tense evening waiting for news of any rescue bid for their company.
Its parent company, General Motors, gave a deadline of 2200 GMT for prospective buyers to make their offer.
But although bidders in Sweden, Luxembourg and the Netherlands were said to have been cobbling together bid proposals, the deadline has passed.
GM has yet to say whether it has received any offers.
GM says it will close the 60-year-old company if no bid is forthcoming.
Deals to sell Saab have twice fallen apart in recent months.
- Swedish government delegation are in Detroit for talks with GM
- SAAB workers union head making statements that there is a good chance for a sale
happy days are here again... da, da, da, da
If that's the case, if this is truly a cash offer without any EIB contingencies, I do not know how GM can turn this offer down. Politically or economically.
Frankly I wonder if GM knew this offer was coming in, and kept moving the goalposts in order to keep Saab in play until it did come in.
It's amazing how much uproar there has been about SAAB closing. If as many people that are moaning had bought the cars SAAB wouldn't be in this position. Quirky is great but look where it gets them.
A "SAABs are great cars - we must keep them going"
B "What do you drive?"
A "An Audi...."
Bloomberg:
"Bernard Ecclestone Confirms Plans to Bid for GM’s Saab Auto"
http://www.bloomberg.com/apps/news?pid=20601087&sid=aByRt2Zw6xWQ&pos=4
Thanks Adam :)
Dear GM, no dirty tricks anymore, okay? (yeah, right...)
Don't you think this bid should be bumped up to the top of your front page? Considering it has so much weight, it further shines the spotlight on our beloved Saab AND GM
Well tonights information just once again proves what most enthusiast here on SU knows.
Saab is a car-brand with value, history and people/individuals who share similar dreams.
Bernie would never get into a business if it was not good, has he been seen in Trollhättan? Has he seen the prototypes etc?
All the self-appointed "experts", journalists, business school phd´s, politicians all specializing in writing/talking necrologies, all of You apply for jobs at funeral homes because that is where You all belong. Next time pick on someone with less inspired owners, enthusiasts.
Saab has and will never fit in the standardized cast. Saab is not Your standard car company that can be compared.
Saab is all about emotions, heritage, uniqueness, cars for people wanting to find their own roads. As an old us Saab ad campaign saying "State of Independence".
I like the sound of "... yet ..." ;)
Or like Lasse Swärd says "What we see now is just saabs final death twist".
On the question on the new bidder Genii he says "they are showing up in the 11th hour. How serious can that bid be."
So there you have it. The two biggest looser motor journalists in sweden are the only ones they ask questions to in the news report.
As a Formula 1 enthousiast and McLaren supporter I was not always approving what Bernie (and MadMax) did in Formula 1 in the past years. But I must say, this bid is a great compliment for Saab and a slap in the face of all "self-appointed "experts", journalists, business school phd´s, politicians all specializing in writing/talking necrologies", as Jörgen wrote.
I'm more optimistic now than I have been since K'segg was announced last year. I think this is great news that so many bidders are on board.
Imagine owning a SAAB with such a deep F1 tie-in! I can just see my F1 buddies faces who drive BMW's & Mercedes, tee hee hee!...I hope it comes to pass!
Saab Up!
SAAB is an iconic brand and this community proofs it, I think it is right to say that if SAAB survives, a big part of the glory goes to Swade and his endless efforts to bring this issue to the public and show how much enthusiasm is behind it, not to compare with any other brand. OK probably winding down Ferrari would be more difficult ;-)
A "SAABs are great cars - we must keep them going"
B "What do you drive?"
A "An Audi...."
What was there for Saab buyers to purchase when they wanted to trade in their vehicle? Do you really expect a 12-year old 9-5 to be successful against a new -as in actually "new"- fully-loaded A6?
And it wasn't just Saab enthusiasts the Saab brand needed to target. It needed to attract growth from the mainstream market. And Saab's current owner did a very poor job of doing that.
How things can change in 24 hours.
I think raquettelaker2 said it best via Kermit the Frog as I think GM is most definitely going to sell SAAB to someone. Whoever wins I certainly think that Victor Muller will be seen as the real hero as he is the one who has never given up hope. The real winner here - SAAB, her employees and Saab-nuts the world over.
Griffin Up!!
The romantic in me wishes that these groups could combine in one super-bidder, so that Koenigsegg, Spyker, CJ, Eccelstone, and ANYONE ELSE who loves Saab and would bring it to new heights, could be involved. Also to flip the big one to Ed, Maud, and every idiot analyst and doubter out there.
UP EVERYONE!!
gitterplayer wrote in "Spyker confirm... forum"
:
"Reading the newest posts by Swade almost give me hope . Then I turn on US NPR and BBCA again (4:00 CST ) and again the clear statement that GM will be rejecting all offers as none have the financing to satisfy GM ( What ?!?! ) And that GM will proceed with closing down Saab"
AND
"For what its worth i just took a look at autolinedetroit.com as John M. is THE US automotive business expert and his comments as well as Whitakers lead me to believe that Saab is unfortunately finished . JM rarely makes such pessimistic comments unless he has something behind the scenes to back them up"
I say WTF???!!!
By the way is the dog on your picture a greyhound? Just asking because we own one as well. Black grey/galgo mix.
http://www.geting.se/viewimage.php?image=213454-DSC04622.JPG
Saab Up!
Cowboy Up!
CJ Up!
Griffin UP
Swade Up!
Saab Fans Up!
Spyker Up!
AWMS Up!
GENII UP!
Anyone else Up!
GM Up (yours!)
Unforunately this is reflecting many Swedes view if what we produce and accomplish. Patriotism is a four letter word and, for gods sake do not express admiration for something Swedish, that is racism!
Luckily, this decease is losing its grip on some Swedes. Unfortunately part of our government officials and journalists still have some way to go before it is totally out of their system, they still believe they have to complain about all things Swedish because someone else is always a little bit better .........
Jante DOWN!!!
I get the impression that Bernie enjoys these kind of swoop in and wow 'em displays, but if he's what it takes to make GM blink, then I'm all in.
Saw someone writing that it was old news (before Bernie)
Ecclestone said he’s making the bid together with partner Genii Capital, a Luxembourg-based private-equity firm.
“It’s a good brand. It’s a good brand that has probably been neglected by the current owners,” Ecclestone said in a telephone interview today. “We don’t own it yet, so let’s see what happens.”
thats pretty darn funny
Saab Up!
Cowboy Up!
CJ Up!
Griffin UP
Swade Up!
Saab Fans Up!
Spyker Up!
AWMS Up!
GENII UP!
Anyone else Up!
GM Up (yours!)
Another thanks to Swade who works so tirelessly to provide us daily tidbits of information!
SWADE 2012!
Sighthounds Up!
Lars Carlström was part of a consortium "Catherina" back in feb-march 2009, but had to withdraw due to one of the consortium members leaving.
He claims that there's sufficient funds behind Genii, but that there's some open issues about how the bid should be formalized and how much they are willing to invest.
"Han hävdar att det finns tillräckligt kapital bakom Genii, men att det finns frågor om hur budet ska formaliseras och hur mycket man vill satsa."
That last part makes me a bit worried.
http://www.dn.se/ekonomi/genii-bekraftar-bud-pa-saab-1.1023360
Suggest we do the same to all miss quoting media sources
Also he went on by saying that no one will buy the new 9-5 if it doesn't come with an engine which releases less that the 120g/km.
So, in Lasses world all other big size premium brands apparently has these low emission engines, except SAAB.
http://abcnews.go.com/Business/wireStory?id=9506706
in which an anonymous person briefed on the negotiations says "GM would weigh bids from Spyker and possibly one other suitor". Place your bets on the other suitor. GENII and Bernie Ecclestone???
With all this SAAB has to survive!
That's the understatement of the (new) year...
Henrik SAmuelSON
Clever Steven ;-)
Abroad (outside Sweden) Saab and Volvo are somewhat "alternative" brands, but in Sweden they used to be the "default" brands. Volvo was always #1 (still is, but quite a margin) and Saab was #2 (now passed by Volkswagen, Audi, BMW, Ford and Toyota). In other words, choosing a Saab or Volvo was not necessarily a very conscious or engaged decision. Choosing something else was the "alternative" thing to do.
Also, due the default nature mentioned, buyers chose Saabs because they didn't want a Volvo and vice versa. Something which resulted in a bit of a Saab vs Volvo mentality, which I doubt is found abroad.
Quite simplified, but it can be part of the explanation.
This is kind of sensitive, still, check it out and you will be surprised! Conspiracy theory, yes of course, but where there is smoke there is a certain likelyhood there is also a fire!
The group was going to be named Catherina. Still a cool way to disguise the bidders identities and a big not to the car's designer. I love that Saab has so much interesting history to crib.
Even the people buying the Volvo 740 instead of the 240 model got a gossip beating. And this is the core problem in swedish motor journalism. They are all volvo fans and saab haters. Because when you buy a SAAB you are different and different doesn't land well in a small paper- and/or steel mill town which are or used to be most of the swedish cities.
2. Bernie? just a man with the right biography and right money.
3 F1 and Renault? possibly Saab-Renault F1 team in future but I prefer thinking of 9-1 WRC car to beat the japanese and show citroen it was made for the purpose of transporting eggs safely.
But... if Genii has really good contact with Renault I would be happy to see some kind of partnership in future. Renault was never succesful in a class higher than Laguna (beautiful car BTW) and working with Saab could help. Also Renault shares many of Saab's features: good design (and bravery to start producing strange cars such as Vel Satis or even Megane II), all the gadgetology that is also close to Saab and they seem to fight for the same kind of customers (maybe with smaller money) as Saab.Most of Renault TV commercials I've seen were dedicated to educated and intelligent people.
I think Genii could be the best option Saab has. There are lots of opportunities for the future if it comes to that.
And now Big Ed cannot say that none has shown him real money. Really no arguments he has to explain his decision if he decides to the wind-down plan.
At least there'd be a fair bit of Saab humour over at Sniff Petrol.
Be afraid, be very afraid ...
Troll UP!!
That might be what Saab needs. Bernie says that Saab is "a good brand. It’s a good brand that has probably been neglected by the current owners". That really is part one of the new marketing campaign. And it looks like noone can say that it's just us fanatics claiming that Saab has a big value.
No matter who gets Saab now, Bernie's interest is definetely a boost for Saab.
And if things get tough just lock up Bernie and GM's board of directors in a room and guess who will be the last man standing. Genii definetely found the biggest possible ego to help with the deal.
Still I wouldn't count Spyker out, i guess Genii, Ecclestone and Muller know each other quite well. Maybe they have a minority stake left for Spyker.
Again, I wonder why we had to come that close to the abyss to get so many strong bidders...
Anyway, thanks to all involved in the bidding process for your efforts to save Saab. We all know Saab is woth living!
And congrats to Swade for being the first one with the news!
and here a picture in my car: http://photos1.blogger.com/blogger/3319/1307/1600/cabriolet.jpg
He preferes my convertible over my girlfriends Peugeot, he got style :-)
The first thing you need to know is that there is always a hidden agenda with Bernie. And I cannot emphasis this enough, ALWAYS. You need to look beyond your love of Saab and how you can save the brand and have a good long think about what he personally might be gaining either from this or how it is going to benefit his core business, which of course is Formula One. Bernie does not do things out of the kindness of his heart. He has no emotional attachment to anything when it comes to either protecting his interests or increasing their value. The F1 paddock is not called The Piranha Club without reason. When it comes to business these people have to be without equal because they have had to deal with the best and that’s Bernie. He has been two steps ahead of governments, major corporations, circuit owners and TV companies in nearly every deal he has ever done.
He will be bidding for Saab for a reason. What that reason is yet isn’t clear but I’m warning you now, the chances of it being restoring Saab to its former greatness, which is what everyone here wants, are very slim. I can only guess but I would say that he needs a bargaining chip for something and taking over Saab would be that chip. The two things that F1 need right now are a new tyre deal, as from 2011 there is no tyre supplier for the cars and racing cars don’t go very far without rubber & a long term deal for an American GP. If you can work out how buying Saab might help with those two things then you might have a reason for why he’s allowed his name to be put to a bid. My only thoughts would be that Continental Tyres have a link to Sweden & that Detroit, where GM are based, used to have a GP. There maybe another reason to do with continuing employment in Europe and therefore leverage with the EU to do with possible future restrictions on motor racing but who knows?
At the end of the day it all comes down to do this. Why would a ageing multi, multi, billionaire need to make a long term investment in a failing car company where he would not see a return on his money for at least six years unless it would benefit him greatly in a much shorter term?
And by the way, he also has some very, very good lawyers so if I were you guys I’d stay away from his wikipedia page.
Good luck. If Bernie’s involved you’re going to need it.
How stupid are GM sell now.
.
The fact that Genii said they would buy a majority stake still leaves room. Maybe a friend from the piranha circle?Spyker was at F1 and if I remember correctly Muller once said that they came so late to the Saab bidding process as the were after the Renault F1 team. So maybe there is still a connection.
Or maybe Bernie does this because Genii helped to keep Renault team at F1?
To use publicly name like this has only one short-term reason, buyer is not certain that GM wants to sell for real. Latest excuse for not selling Saab was lack of money, Bernie's name is symbol of money. GM is again up against the wall.
What actually drives old non-retired billionaires? Greed? Habits? Will to maximize assets for own children?
Certainly Bernie could not care less about Saab itself, its about the money and Saab is in a way or another chip on that game.
But nothing stops Saab from turning profit on long term, especially with good partners. Considering long term profit potential, Saab is a bargain. Something that Bernie could easily invest few hundred million euros.
http://news.bbc.co.uk/1/hi/business/8448932.stm
I can't believe GMs attitude in this. Either they want to sell the business or they don't. I'm not sure how you wind up a company like Saab but this uncertainty benefits no one. Potential buyers now must be thinking "Well what am I now going to get for my money?"
As I said it no longer effects me as I have moved on but it is very sad to see it go. I had some fun times at Saab but this is a disgraceful state of affairs. Either sell it or let it die with a degree of dignity.
http://www.bing.com/
Why old billionaires still work. If they stop they might die. At least that what I think.
More here.
http://www.saabhistory.com/category/catherina/