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
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WTF!
That was a big surprise. Now we are talking money!
MCE-5….variable compression ratio engine technology…..Gee I wonder where that innovation came from….. Saab of course….
Read the wiki entry on Bernard Ecclestone. There’s some interesting stuff there.
And it isn’t even 1st of April yet !
Sniff Petrol are going to have a dine on this for months…..
Mr. Ecclestone now there’s a man you don’t mess with, no shortage of resources there and very media savvy, a hard business man who will undoubtedly want things to go his way, as they say the plot thickens.
Nothing like a man trained in the world of used cars to get a deal done.
Bernie is a fascinating man. He’s not the kind of guy I would want to go up against, so having him as a backer is good news for Saab, IMO.
Holy f***! Ecclestone! CvK is nothing compared to this guy.
Mr. Ecclestone?!.. A.W.E.S.O.M.E!:)
I wrote this a while ago before this post. A drink anyone?
http://www.saabsunited.com/2010/01/you-make-the-news—snippets-edition.html#comment-42638
Bernie? This is getting ridiculous. That guy’s a bigger snake than anyone at GM!
So there is the money !!!!
Whats up big ED
This is going completely crazy. Whoever could have ever told me back in the TS days what kind of news this site will bring in just a few years…
Ok, this newest bed is starting to look very serious. Bernie involved, omg, I am lost for words.
Hey ED…someone just showed you the money, BIG TIME! What kinda goal post move are you going to venom us with now?!
This is friggin’ AMAZING, never would have guessed it.
“Gee I wonder where that innovation came from”
Seems to be fully France made. I hope the press release is real.
Wow…this has floored me. If GM can’t sell to one of these three bidders then they had no intention of selling in the first place. Genii is very well financed.
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!!
The name Bernie Ecclestone makes me worried… A pitbull into a peaceful and orderly yard…?
This sale will go to the history as one of the most spectacular ever.
Bernie Ecclestone net worth £1.466billion (2009)
Nice.
Just when you think the high drama cannot get any more intense . . . it gets more intense.
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.
haha, Kalle: heeeer´s Johnny!
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?
If I were the folks at GM, I’d read that press release and say “uh oh, better not sell to them. they will be competing all too well very shortly.”
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.
STUNNED……. no words.
un-f*****-believable!!!!!
Good to see the money I’ve directly and indirectly spent on F1 going to good use.
And regardless of how it all ends up it would make a heck of a Harvard Business Case for college classes. Talk about ups and downs, and every possible outcome… but hopefully only one positive outcome will matter in the end.
Wow is there a Formula 1 Saab in our future?—This keeps getting more and more bizarre.
I guess that was THE big surprise from the SaabOracle…:)
Nice turn on things..:)
SAAAAAB UP!!!
Bernie up!!
I’m telling you Saab is going to field a F1 team of their own with Per Eklund behind the wheel!!! lol
Swede, I treid to find their press release on their site or in the news headups. Cannot find it anywhere!Can you explain this?
This was a real bomb!
i think it is time to revive THIS car:
http://www.hildeblog.com/wp-content/uploads/formula1.jpg
Swedish TV4 just reported on their economic news that one of the previously unknown swedish bidders where fronted by former CEO of MAN Håkan Samuelsson and Jan Nygren Dep CEO of Saab Technologies and former Swedish minister.
Yikes!
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…
Next 24 hours will be very exciting. Sleep anyone?
Bernie EccleSaab?
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
Forbes has him down has the World’s 157th richest person with a new worth of $3.7 Billion, so buying Saab (the company) is for him pretty much like one of us buying Saab (a car).
No matter how this saga ends: Swade, you’ll surely find yourself with a lucrative book deal if you want to. The story of this (probable?) sale has been trough more twists and turns than… um… a cut Tasmanian snake? And who knows the details best – and who’s in the best position to write (and market) the story…?
Now let’s hope for a successful a conclusion of this sale… Either:
Cowboy Up!
or
F1 Up!
or
Tulip Up!
What the Hell!!!!!?????
This is crazy, CRAZY!
How reliable is this? I don’t know anymore what to think anymore… Just SELL IT!
HOPE!
And we heard it first from Steven Wade! This is quite incredible. Thank you.
Someone already updated Bernie’s Wiki page (wasn’t me!). Just a matter of minutes until this hits the wires BIG TIME
http://en.wikipedia.org/wiki/Bernie_Ecclestone
Press talks about “majority stake” not 100%, even more interesting.
Mind says “hold your horses”
Heart says “let them loose”
Merbanco, Spyker, Bernie… I mean… Ed, show me your ass
Houston (Detroit) we have an owner!
Woah, woah, woah woah! Did Genii and Ecclestone just get into this today or have they been in the running for a couple weeks and they’re just coming public about it? If they’re just dipping their toes into the water today I’m a little worried, but if they’ve been in this for a while… AAAAAH!!!! SH*T YEAH!!! Let’s DO THIS!
Also are any of you writing this down as the basis for a great underdog movie?
Just a thought
Big ED knows nothing about cars
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
I don’t know about that. The film would probably get bad reviews for being too unrealistic, and that is if you include all the turns that have actually taken place in reality.
Someone said : There will be a big surprise and I guess so. Hehe
If Bernie would buy SAAB, for me that would be a present from heaven! No more worries about money! Bernie up!
Well, Bernie can definitely show Ed the money he wants to see. There is no doubt about it. If what Swade says is true, then it will be difficult for Ed to reject this bid without raising alot of questions among the American tax-payers and the Saab-dealers…
MovIt brakes available for your current gen 9-5
http://www.movit.de/rahmen/saab.htm
As of now 4:40pm, there is still no google, wsj, etc. news of Bernard Ecclestone, except for a link to saabsunited. Swade, you broke a big one here. Congrats.
I’m stunned. I hope this is for real! =)
Yes there is probably a sweetspot for GM, having a moderately strong buyer, enough to carry Saab under it’s own wings the years to follow when GM is tied to Saab for supplying parts and other things but not too strong to engineer and deliver new competing technology to the market.
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.
LOL, exactly how iI feel at this moment…
LOLOLOL
That’s true…however, Saab’s SVC concept had been in testing since the ’80′s and with a bit more development, would have been production-ready by the early 2000′s (there was an article in Saab Magazine about this in late 1999/early 2000). Of course, GM shelved the project in the year 2000, the same year that MCE-5 was FOUNDED!
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.
You’re right Major, this is exactly how we all feel. Kermie is not only happy in that image, but he’s going absolutely nuts! This has been one HELL of a ride…up to heaven. Awwwwwwww
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 may be listed at #3.7 bil but his wife just left him and is looking for half!
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!
WOW! Just… wow. Amazing news… but in the meantime one almost feels sorry for all the enormous work CJ and VM has done for… nothing? Or are they in there, in the background? After all the press release only mentions, like TuuSar pointed out, a “majority stake”, not the complete business. Extremely interesting, none the less
Wow, I cant wait to hear more about this one! Big smile! I have the same feeling as when it was announced that K-egg was nominated in June. Lets hope this one ends better.
(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.
It’s not easy being green…..arrggghhhh!
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!!!
Is it any wonder that people who love and are involved in exotic, high-powered cars are attracted to SAAB? Gee, why weren’t they clamoring for Saturn, I wonder?
So we have a company with a lot of cool and groundbreaking tech backed by a megamogul with heaps of money thinking; Where shall we put all this stuff? Lets buy Saab! That Will work perfectly. Saab is the perfect brand for something like that. Lets Do it!
Well by all means…be my guest.
HOLY S**T! ROFL!
I guess when the amateur’s had their say, the pro’s come out to play…Just CAN NOT believe it…yet.
God I hope this is real. Not doubting Sir Swade but it just feels like a dream to have these company/people with a passion for cars and not spreadsheets wanting Saab
Griffin UP!
::JAW DROP::
This is sure to make every news outlet! Talk about free publicity! SAAB has been in the news almost daily!
Damn! here it is!
http://www.businessweek.com/news/2010-01-07/genii-capital-ecclestone-to-bid-for-general-motors-saab-unit.html
Anybody want to join me?
http://farm3.static.flickr.com/2517/4202846323_b278ca9b01_o.jpg
What a roller-coaster ride….amazing…my stomach is up in the air again.
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….
i think they mean that GENII takes majority stake, Bernie taes the rest, 60-40 perhaps? Or is Bernie in on just a percent just so they get his name there?
pheuu! waow
Even if GM doesn’t pick Genii’s bid, I think this WILL make it virtually impossible to turn down a sale with anything remotely similar to a straight face. I have the feeling GM may run to one of the other bidders for cover, I think GM does not really look forward to have BE on the other side of the negotiating table in the future.
I wonder if Big Ed and team are now saying “I wonder what they know about SAAB that we don’t” In case they are, the answer is “A LOT” !! I hope this is real!!!!
The fight for Saab has been bordering on the ridiculous for a long time with General Motors saying they will sell Saab, but not – apparently – wanting to sell.
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.
I’ve submitted this article to all leading Swedish newspapers, and added some info to Bernie’s Wikipedia page
Let’s remember that GM were said to be “positive” to this offer…they probably knew that Ecclestone was behind it.
No matter how wealthy Eccelstone is, it all depends on how much is being offered for the company in this goalpoast game that GM is playing. Whitacre can still say he’s not seen the money. Also, are EIB loans still required? Without knowing this, who can say what will happen. But I must admit, it is encouraging to have Merbanco, Spyker, Genii and possibly a Swedish group or two in the bidder mix.
It would be interesting to compare Saab’s sitation to Apple’s turnaround.
No matter how wealthy Eccelstone is, it all depends on how much is being offered for the company in this goalpoast game that GM is playing. Whitacre can still say he’s not seen the money. Also, are EIB loans still required? Without knowing this, who can say what will happen. But I must admit, it is encouraging to have Merbanco, Spyker, Genii and possibly a Swedish group or two in the bidder mix.
It would be interesting to compare Saab’s sitation to Apple’s turnaround.
….any talk of closing Saab after today’s news is a JOKE!
I wonder if GM are slowly realising what they’ve missed out on all these years?
There’s demand for this brand of ours
Swade, did you just happen to be the first one publishing this press release or did Lars send this to you before anyone else? Quite interesting if it’s the latter.
Some people are part of the solution and others art part of the problem!
;-D
What if GM was waiting for this offer for the whole time? What if the sudden “winding-down” decision was a sign that they were waiting for this bid? What if Bernie had showed his interest in SAAB to GM and told them to wait for his offer? Of course it wasn’t this simple, but the end result is the same. I think there is some real money behind this offer, and will probably be accepted by GM, if not arranged by the both sides. Luxury brand, tightly connected to GM, with connections to F1, this is win-win for both sides, and for SAAB as well!
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!!!
Best news for today! I’m astonished…
One minute to go to 11 o clock!
Bernie may have a car for every mood, but does anybody know if he owns a SAAB?
Or is he only trying to make sure that her daughters can buy a good looking cab?
Wow. If this works the synergies between the automotive technologies and communications technologies will be amazing. And the innovative SAAB brand as the cutting platform. Wow.
All of these sudden bids are now concerning me… lol don’t mean to play devil’s advocate here but can GM pull another wildcard and KEEP Saab like they did with Opel??
So far the only source we’ve got is Lars Carlstrom. Do we know that he’s connected to Gemii, or do we only have his word for it? I pretty sure that he’s the source for the “Dagens Arbete” article.
I’d like to see an official press release from Gemii.
Wow!
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.
Wow Imagine Bernie AND Spyker joint owners…..what a dream that would be!!!!
Bloomberg running it.
You know SAAB deserves this….really…what a rocket ride…this would be a spectacular moral boost to have that sort of interest back at the Factory. I would feel very happy for those behind the car knowing that their work finding such value.
Sorry
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_HyvWDfS9ms&pos=5
We would all like to see an official press release!
I’ve been searching but I haven’t found anything yet.
its on Bloomberg to..
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_HyvWDfS9ms&pos=5
My bastard children, ’03 9-3SS and ’08 9-7x, will be very happy to hear there is so much love for them.
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
On Bloomberg:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_HyvWDfS9ms
Almost no time to comment as new comments flood this site like a tsunami – can’t keep track of all you guys and I’m one BIG SMILE all the time!
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!
Mr. Ewing (I thought nobody had this name besides of JR) is not revealing his source!!!
To Ed and the whole GM board
Sorry, I thing SaabsUnited is the source of that article as it says “Saab United” in the title.
now it´s on bloomberg – interesting when it´s recognized by the swedish press.
No !!!!!
It Says
Genii Capital, Ecclestone to Bid for General Motors’ Saab Unit
Without Ed.
Nice job Swade…you scooped them all!
Agree! It will be extremely interesting to see how Swedish motor journalists and analysts will explain the new bids after proclaiming Saab dead throughout the whole year. I have not much confidence in Swedish motor journalists and analysts with a few exceptions (e g Pär Brandt at Auto Motor och Sport).
Ewing says “email”, got probably the same email as Swade but Swade/Saabsunited.com was far quicker.
Say what you like about him, but Bernie Ecclestone is one shrewd businessman. If he sees the potential of buying into SAAB, this can only be a good thing for the brand. Definitely a huge vote of confidence.
sorry for being ignorant but why does it say Saab SAS and not Saab AB?
We´ll hope for a Saab-future with refined scandinavian design and energi-innovations!
Saabhistory also – here is to the true enthusiasts..
I think that GM has not chance, They must sell!!!!
According to an earlier article on Dagens Nyheter, Genii will try to get the EIB-loan, but points out that the money isn’t economically necessary for them, and that their offer is a cash offer.
http://www.dn.se/ekonomi/genii-bekraftar-bud-pa-saab-1.1023360
Yeah right, without (mr) ED!
Interesting on production levels.
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.
Its still not certain that GM will sell Saab, might fear competition too much. And its even more uncertain who gets it in the end.
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.
GM will probably go back to Genii/Ecclestone and see if they can convince them to buy Saturn from them also. LOL…just like with the US taxpayers, GM knows a cash cow when they see one.
Even on the Bahamas, Saab’s in the news today. (Sorry.)
come on, all, stop thinking negative.
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!
Boston Globe
http://www.boston.com/cars/newsandreviews/overdrive/2010/01/bernie_ecclestone_part_of_newe.html
Sorry, my bad! It says SAAB unit.
That’s great!
This is a rollercoster ride for sure! CJ/merbanco/”sason” are still in. Spyker are in and now Ecclestone/Genii..
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
True but then they could get Penske in and produce his Saturn??
wow cool… The Bernie Ecclestone / F1 Supremo? Yeah baby!
Lets see – SAAB or no SAAB. All of the above. Now someone close the deal.
I could not believe my eyes when I read the Ecclestone name, me and my wife just broke out in a smile threatening to split our faces in two (or four actually) pieces!
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!!!!!!!!!
Quote from an interview with Lars Carlstom via Business Week -
http://www.businessweek.com/news/2010-01-07/saab-delays-board-meeting-as-spyker-genii-plan-to-submit-bids.html
What is Saab SAS??
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.
yes, could be, but they would have a lot of explaining to do to many people (government, taxpayers, sweden, bidders), not easy for them to get away again with their stupid excuses. not easy at all. spot light on them more than ever now
My Only worry is that if you want to believe something so much , you will actually end up believing anything.
All these bidders… wow. This must be why these 2 things have been widely reported
- 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
I’m wondering too… never heard anyone use “Saab SAS” – even tried to Google it, ending up with no helpful results. Weird mistake (?).
they won’t bother explaining. they’ll just go on to the next story and probably get that wrong too.
Genii/Ecclestone certainly appear to be financially capable of buying Saab, and executing the business plan, without needing the EIB loan.
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.
Read elsewhere and worrying- I don’t think its the case that they want to make money from the sale. I think it’s more likely that they’re trying to keep their losses under control. In addition, they don’t want an MG Rover situation on their hands where they sell the Company, find that the Purchaser hasn’t got enough money to keep it afloat, then watch as the Directors pay themselves huge bonuses and sell what’s left to the Chinese for peanuts.
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….”
Well, now I believe it.
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
Wow, I hope that I can concentrate somehow on my job tomorrow…rollercoaster without an end.
Dear GM, no dirty tricks anymore, okay? (yeah, right…)
Maybe Genii wants a bargain deal with Sweden and buys both loss making unit SAS (Scandinavian Airline System) and SAAB….löl
SWADE,
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
Wow never saw that coming. If this deal goes ahead this is very good for Saab and whilst I can’t agree with everything Bernie has done with F1 I think he can really help with this deal. Also Joe Saward (F1 journalist) believes Genii’s recent purchase of most of the Renault F1 team could mean the team being renamed Saab!! http://joesaward.wordpress.com/2010/01/07/genii-capital-bidding-to-buy-saab/
Is this an effect of global positive thinking….. Dan Brown writes about it in the latest novel The lost symbol.
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”.
Is this an effect of global positive thinking….. Dan Brown writes about it in the latest novel The lost symbol.
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 Trollh
“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.”
I like the sound of “… yet …”
I just heard the swedish tv4 economy report which are heavily connected to DN and DI papers. Both Håkan Matson (DI) and Lasse Swärd (DN) are still taking down on saab and says it is basically over.
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.
I drive a SAAB, and this can be the beginning for people that think as you said, begins to believe their words and will buy a SAAB again!!!
nothing to add. This is the statement of the day ! God bless you my friend, god bless you !!!
wow, I sat down for dinner and missed all of this!!!
Now all we’re waiting for is for Bernie Ecclestone to start writing comments here, just like every other key player…
)
Now all we’re waiting for is for Bernie Ecclestone to start writing comments here, just like every other key player…
)
Wow. Just wow.
Yeah, I like that “yet” too!
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.
Show me the money, show me the money!!!!!!
Are they really from Sweden?????
I don’t like to talk bad about people I never met in person, but Lasse Svärd is a joke. His columns in DN’s Motor-insert are so naive and silly that it really makes you wonder how easy it must be to be a “car expert”.
You’re so right and this Jacques Wallner “knows everything”. Interesting to see what they will write next days.
Swade, are you still mad as a cut snake after this announcement?
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!
Of course it´s a coincidence, but looking at the names of the companies involved with the aquisitions of Volvo and Saab, Geely and now Genii it seems they are related… I wonder what carcompany the third brother Gino is going for
idiots, ignore them, jorgen summed it up crystal clear. these should be unemployed nonw, begging to work at a funeral office! idiots. don’t let them spoil what u r feeling right now ! let them rest in peace.
γειά σου Αλέξανδρε !
Hey Mark! Just wanted to know if u are the same Mark that works at Dorschel Saab?
“EIB Loan- We don’t need no stinkin EIB loan”
sadly yes… and they have both been talking down on saab since day one. And they do this with “no meat on their bones” what so ever. They are very poorly informed about the whole deal. But they are arrogant and self loving with a little too “swedish much motor journalist power”.
Kalispera L(?) !
Even if Big Ed had in mind to wind down SAAB silently this plan won’t work anymore
. Don’t mess with Bernie. SELL IT!
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
“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….”
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.
Yesterday I was angry, depressed and upset. It felt like someone had just kicked me really hard in the n*ts.
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!!
I say Don’t Mess With Swade!!!
yeah. sorry I had forgot that one. but he is from the same news group and he is a real “Klugscheise” as we say here in Berlin.
This is really great news and hopefully a new day for Saab! That fact that it’s attracting such high profile bids is gonna garner alot of media attention for weeks.
As others have said, you gotta wonder about the timing of all this; at the end of December, one or two bidders. A week later, four or more very strong bidders. I’m ecstatic!!
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!!
I like your thinking
I am a reader and observer far more than a contributor on this blog but I could not agree more that Swade, through his tireless efforts, has brought together a community of passionate people that has really made a difference. Thank you Steve for an unbelievably effective campaign.
Here’s another one
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???!!!
Yeah right
By the way is the dog on your picture a greyhound? Just asking because we own one as well. Black grey/galgo mix.
Saabs Formula racer…
http://www.geting.se/viewimage.php?image=213454-DSC04622.JPG
Saabs Formula racer…
http://www.geting.se/viewimage.php?image=213454-DSC04622.JPG
I’ll second what ratcab said, thank you Swade for providing us with this forum to unleash our emotions, passion for Saab and ideas, BRAVO!
We all put Saab in the spotlight folks. Swade and others coordinated the attack and it was NOTICED, even by GM! If we hadn’t made all the noise we’ve been making, we wouldn’t be here. Saab definitely ain’t Pontiac! No time to rest yet though. We’ve got to make sure a sale goes through.
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!)
To all of you non-Swedes, we have something called “Jante-lagen” (The Jante Law) which says that no one should believe that they are important or actually even worth 2 cents. This is of course not a real “Law!” but a mindset that is so wide spread that you could believe it was mandatory to become a citizen of Sweden.
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!!!
They are simply journalyst….they don’t know the future…let’s see what happens!!
I’m embarrassed to say I didn’t know of Ecclestine, so I did the Wiki thing to check him out. And NOW I’m blown away.
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.
I*m calm now
Saw someone writing that it was old news (before Bernie)
Jan. 7 (Bloomberg) — Formula One Chief Executive Officer Bernard Ecclestone confirmed his plans to make a bid for Saab Automobile, the Swedish carmaker that is being wound down by General Motors Co.
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.”
Let’s not forget Jan-Åke Jonsson UP!
@ Markac
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!
The photo of the dog on my posts is my beautiful whippet Golda. She runs 35 mph and is a true Saabdog, as she loves riding in my 9-5 with her head hanging out the passenger window! Thanks for asking, Juerg U. Would love to see a photo of you greyhound…and your Saab!
Sighthounds Up!
I bet Håkan and Lasse write real cool articles about Audi all the time. I see that in my newspaper. Every time Audi fart, it ends up big on the automotive pages. It is about time that Saab can start their farting too.
DN has updated their article on the Genii bid with some interesting info on Lars Carlström/Genii and their bidding history:
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
Just dropped a note with the bloomberg link to the BBC and see how fast they catch on as I am sure they will want to know and write about Bernie all day long.
Suggest we do the same to all miss quoting media sources
that is actually true. I remember an article Lasse Swärd wrote about how bad the new saab 9-5 was because it wouldn’t come with an engine that had lower than 120g/km CO2 emission, which is the new limit for the “environmentally friendly” cars according to EU. This is true. However, then he goes on and saying that Audi has one that passes under the 120g/km bar. And this is NOT true. Not if you compare saab 9-5 with audi A6. In that case actually saab has the lowest emissions.
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.
ABC’s website are showing an AP item:
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???
This story does not suffer from lack of twists and turns!
With all this SAAB has to survive!
Sorry but this is old news.
“It’s a good brand. It’s a good brand that has probably been neglected by the current owners,”
That’s the understatement of the (new) year…
We know who SASON is now…
Henrik SAmuelSON
Clever Steven
The “Jante Law” is definitely a cause for the less than inspiring attitude shown by many Swedes (and as a result, also many Swedish journalists) but there is also a different cause. To put it in very simplified terms, I think the situation is something like this:
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.
Oops. Håkan Samuelson. My bad. You Swedes have such cool names, it gets confusing.
In addition there is always the advertisement/freebe connection, the more the magazine/journalists gets – the better the review ……….
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!
Happpy news today ! Seems like Saab is an attractive company now a days.
Nevermind…
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.
I agree with you to a certain extent. However, I can say from experience, that in my neighborhood in the small paper- and steel mill town i come from, the “Jante Law” was (is) really profound. In our community the default car was the Volvo 240, anything else was “rich mans vehicle” or “who does he think he is vehicle”. I remember the tremendous amount of that had just bought the new saab 9000 CD.gossip that was going around over a particular family It didn’t help that he also was a psychologist, which means he was well educated and of course thinks he is more than us and doesn’t work as a nurse or in the factory *irony*.
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.
bernie is without a doubt a polarizing figure. on some car sites people are expressing their dislike for this guy.
1. Genii? people seem to have som automotive expereience. Luxembourg is a location of both them and EIB. Can it help somehow?
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.
Bernie’s definitely a polarising figure, but one GM will listen to.
At least there’d be a fair bit of Saab humour over at Sniff Petrol.
Somewhere in a sub-terrainean lair, Bob Lutz just crapped his pants.
if there is one ego that can go against bob lutz’s, its bernies.
Yepp, little Bernie’s ego (he is some 5’3″ tall) will run down any 7 feet conficence without even loosing 1 mph in speed.
Be afraid, be very afraid …
Troll UP!!
Bernie isn’t exactly a technophile, F1 isn’t even brodcast in HD yet. Hopefully he won’t be involved in the day to day operation of SAAB.
Still laughing and wiggling around like Kermit…
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!
Bernie controls all the broadcasting of Formula 1.
We got a blog about our dog (in german)
it’s the black one go to: http://morodog.blogspot.com/
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
I think SAS is the same as Aktiebolag (AB) in Luxembourg. Although they should have used Saab Automobile, they are not bidding on Saab AB.
Long time lurker, first time poster here. First of all, let me say that I would like to think that I am fairly well qualified to comment on the Ecclestone situation as not only did I sell Saabs for 10 years and still have friends who do, I also have been a long time F1 enthusiast and through a great deal of luck I have friends who have had direct business contact with Mr E. I know a lot of American Saab fans post on here and they might not be up to speed on his business practices.
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.
AAaaahhhhh this is fantastic news, GM vill probobly still say show us the money???
How stupid are GM sell now.
I highly doubt he would, the guy is like 80 years old..!
Still it is open how much Bernie is involved. I could guess that it is a lot about his name to gain the publicity. If he would buy Saab alone it would be a different thing and maybe cause for more worry
.
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?
Bernie is also doing divorce that might be financially biggest ever, that might effect his financial moves.
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.
Too late??
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.
Coincidentally, the image on Bing today is a nice picture of Luxembourg. Hmm…
http://www.bing.com/
The latest rumours in Svenska Dagbladet(news paper in swe) is that Genii and Spyker might team up. They stated that they have been in contact.
Why old billionaires still work. If they stop they might die. At least that what I think.
About Catherina its the name of the one of the concept cars preluding the Sonett II. Needles to say, but Catherina lost.
More here.
http://www.saabhistory.com/category/catherina/
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