NDO: No Obstacles for Vladimir Antonov to Become Part Owner of Saab *Updated

The Swedish news service SVT (English Translation) says the the NDO sees no obstacle for Vladimir Antonov to become part of Saab.

After a review of Vladimir Antonov see Riksgälden no obstacle to the Russian businessman to become part owner of Saab. The experience report.

The conclusions of the Debt Office’s new review of Vladimir Antonov as a possible partner in Saab Automobile AB, will be presented at a press conference at 14:30 this afternoon.

Vladimir Antonov met on Tuesday Debt Office for a multi-hour meeting where the trader Antonov was questioned about his desire to become part owner of Saab.

At 14:30 CEST we will hear the original story. 🙂 This post will be updated to reflect the full statement from Bo Lundgren’s office.

At last, the first good news!

Thanks to WD78 for the hint.

Updates after the break.

UPDATE 1:

GM is also giving the preliminary green light to Vladimir Antonov, says DI (English translation).

At the same time GM announced that the company gives preliminary go-ahead for Antonov to become shareholders in Saab, but said while a number of conditions remain for Saab to meet…

According to GM’s statement, the company is continuing active discussions with Saab and the European Investment Bank (EIB). The company has reached a tentative agreement with Saab, which would allow Antonov to become partner. But the agreement calls for “specific measures” from Saab’s side that have not yet been implemented. In addition, some “formal approvals, consents and authorizations” that Saab has not yet received, information manager James Cain said in a statement.

UPDATE 2:

Even Maud Olofsson is getting in on the action, pledging quick support and to work closely with the Debt Office.

“Of course we will begin working with the Debt Office’s recommendation as fast as we can,” said Maud Olofsson’s press secretary Eric Bratt Hall to di.se.

But before the government can decide whether Vladimir Antonov (can be let in as an owner), they must await a ruling from the European Investment Bank, EIB.

“We must wait for clearance from the EIB and GM. But both are very aware that there are quick decisions are required,” said Erik Bratt Hall.

GM to as SVT’s report have already given the green light for the Antonov. This means that Saab’s future now rests in the government and the Bank’s hands.

UPDATE 3:

Vladimir is happy, from his twitter account:

vladantonov1975 Vladimir Antonov
done:) Thanks to all for your trust and support! Especially to VM,JAJ,LC and Max (our chief legal).
UPDATE 4:
According to di.se, Vladimir would like to invest 270 million SEK (€30 million)
The share capital of Spyker that Vladimir Antonov has asked for (and that will be passed on to Saab) corresponds to a maximum of 270 million SEK (€30 million), which in turn corresponds to a maximum 29.9% of voting rights in Spyker.

“The Debt Office in its review had as its primary starting point the economic risk. We are also deliberating body for the Government. This means that in our investigation reviewed Vladimir Antonov business, and his plans for Saab, and we conducted an integrity test of him,” The Debt Office in writing its approval of the transaction.


RobinM
Member
5 years 4 months ago

Nice News.

saab93f
Member
5 years 4 months ago

+1
It is good that VA finally got some good news. He´s been a true fighter just like VM and JÅJ. I´m glad!!

Olav
Member
5 years 4 months ago

+1

till72
Member
5 years 4 months ago

Sounds good.

Pavel
Member
5 years 4 months ago

Go Vladimir!
See you at Trollhattan SaabFestival 2017 – on stage again! :^)

Olav
Member
5 years 4 months ago

V1 – Rotate – positive climb – gear UP! SAAB will fly again 🙂

Eagle63
Member
5 years 4 months ago

+1 !
(sounds your behind a push-button dash… 😉 )

Toby K
Member
5 years 4 months ago

Electronic Flight Instrumentation System (EFIS) or Glass Cockpit
in my next 9-3 🙂

coggs
Member
5 years 4 months ago

Bravo, although I suspect I know how the Swedish press will handle this. Another whole round of totally unfounded mob tie speculation and innuendo. But I don’t really care. Welcome aboard Vladimir. I hope that is your Independence Edition convertible recently shown sitting at the front of the line awaiting final touches. That should be some incentive to get things rolling!

kaiger
Member
5 years 4 months ago

BUT:
Even if they allow him, there is still at least one big mountain called EIB between VA and Saab!

Jos
Member
5 years 4 months ago

That only concerns the sale and lease back of the immobilia AFAIK, and the secureties given to the Swedish state as collateral for the EIB money.

tobbe
Member
5 years 4 months ago

Is it possible to view the pressconference somewhere?

WD78
Member
5 years 4 months ago

According to DI.se

“GM in favor for Antonov
GM gives go-ahead in principle for Vladimir Antonov to become shareholders in Saab, but set several conditions, according to a statement. “

ante
Member
5 years 4 months ago

di.se: Saab subcontractor IAC firing 200 workers!

http://di.se/Artiklar/2011/4/28/234241/saab5-IAC-varslar-200-anstallda/

Alex L
Member
5 years 4 months ago

No, they’re not firing, they’re “giving a notice” about firing (couldn’t find a better translation from Swedish “varsla”). I guess you’re Swedish, and they you know that this has to be done several weeks before actually firing someone, which is a preparation for a worst case scenario. This “notice” can be retracted at anytime, which will be when Saab has fixed the liquidity issue – today, tomorrow?

Jeff
Member
5 years 4 months ago

Exactly. Hopefully this is sorted before the workers actually have to leave.

ante
Member
5 years 4 months ago

You are right! 6 month by the book if it’s not related to factors the employer couldn’t foresee. In this case I guess most of the employees have three month notice in their contracts.

sr
Member
5 years 4 months ago

IAC put in a notice (“varsel”) that they may have to fire staff. They have to file that with the unemployment office at least 3 months before they may fire anyone.
If the good news keeps coming, no one will have to leave IAC.

CoolCombi
Member
5 years 4 months ago

Woo Hoo!!! Long live SAAB!!!

TobiasE
Member
5 years 4 months ago
Rico
Member
5 years 4 months ago

What does NDO stand for?

Jeff
Member
5 years 4 months ago

National Debt Office. Riksgälden for the Swedes.

lol
Member
5 years 4 months ago

any swedish spoker can traduce what Bo is explaining ?

Jeff
Member
5 years 4 months ago

They’re still talking 😛

robertp
Member
5 years 4 months ago

Twitter:
vladantonov1975 Vladimir Antonov
done:) Thanks to all for your trust and support! Especially to VM,JAJ,LC and Max (our chief legal).

alextraian79
Member
5 years 4 months ago

Re post from a Saab friend on Facebook – SAAB CARS
: http://m.thelocal.se/33458/20110428/

alextraian79
Member
5 years 4 months ago

Have to see this post.

SAABNUT
Member
5 years 4 months ago
The cliffhangers just keep coming…. 🙁 Sincerely hope this will increase the possibilities to broaden SAABs ownership and recapitalization. Now remaining is EIB and the GM and offcourse the new owners ambtion, will and participation. Even with a massive capital injection SAAB will probably be forced to other changes and include the new owners ambitions and strategies in their business plan and operations henceforth. In the short run the launch of the new modells must be assured and the development of the NG 9 3 given priority but if there is foreign capital/investors from Russia / China – they will… Read more »
kobimex
Member
5 years 4 months ago

This is a good twitter message.

But to be honest: when I read all the other messages from VA, that doesn´t sound very professional (e.g. “please don´t fire your people”, “EIB – Extraordinary incompetent bank” and so on).

Don´t misunderstand me, I will be more than happy, if someone pushes money into the beloved SAAB company. But the content of the twitter messages doesn´t stand for a relliable and professional businees attitude. That´s embarrassing…

saaber
Member
5 years 4 months ago

I think it is good that someone is passionate instead of politically correct…..

Besides he is russian… people from russia are passionate.

Ayrshirexc90
Member
5 years 4 months ago

Unfortunately, I am not of the “twitter etc” generation. However, I suspect the language used is a mix of not being a native English speaker, being fanatical about Saab, and being absolutely fed up with the Swedish Government and the EIB. One certainly cannot fault his enthusiasm, and one hopes it will marry nicely with that of VM.

Jos
Member
5 years 4 months ago

That remark of EIB was twittered to Antonov, not by him.

900 classic cab
Guest
5 years 4 months ago

Please note that it was not Vladimir Antonov who wrote that reference to EIB.
I came to admire him in the last weeks for his passion for this matter, mostly because it manifested a concern so that many jobs would be kept.
A big thumbs up for VA, VM, JAJ, Eric Geers and so one and so one.

JasonPowell
Member
5 years 4 months ago

“EIB – Extraordinary incompetent bank”

That was a retweet from someone else, not VA.

alextraian79
Member
5 years 4 months ago
(Reuters) – General Motors Co (GM.N) said on Thursday it has given its tentative approval for Russian financier Vladimir Antonov to become a major shareholder in Spyker Cars’ (SPYKR.AS) struggling Saab unit. Antonov was also given the green light to invest in carmaker Saab, a former GM unit, by the Swedish Debt Office on Thursday. Antonov has applied to buy as much as 30 million euros $44.4 million) for a stake in Saab of up to 29.9 percent. The GM statement says: “GM continues to be in active discussions with both Saab and the European Investment Bank and has reached… Read more »
Ayrshirexc90
Member
5 years 4 months ago

Am I right in thinking that GM seems to have changed it’s attitude towards Saab – they seem (on the surface) to be working for what is best for Saab. If so, well done GM.

Romac
Member
5 years 4 months ago

GM are a major shareholder, with non-voting shares. They are not quite the Ogre some people make out. Without GM, Saab quite possibly would not exist now.

Phoenix
Member
5 years 4 months ago

You are probably right about that. Right now however I think the least trouble for GM is that Saab continues to exist. GM has done a lot of good things with Saab the only problem is/was that they didn’t understand how to take care of the brand.

nils
Member
5 years 4 months ago

Fully agree with Phoenix. GM did some mistakes, like trying to copy Audi and BMW, or not to understand the core Saab values. But they also brought many good things to Saab, notably expertise in lean manufacturing. It should be in GM’s interest that Saab stays alive, both for the shares and as a supplier to Saab.

I believe there has been enough bashing of GM here, time to stop that.

JH
Member
5 years 4 months ago

Exactly, and General Motors profits from a prospering Saab, since GM sell a lot of components including engines and gearboxes to Saab as well as acts as a contract manufacturer for the Saab 9-4X in Mexico.

Michael Specht
Member
5 years 4 months ago

What next ? I hope Saab will soon resume car production to reassure markets.

sandborg
Guest
5 years 4 months ago

Dear JAJ,

Please consider just one more year.
Thank you.

sr
Member
5 years 4 months ago

+1

till72
Member
5 years 4 months ago

+1

Audun
Member
5 years 4 months ago

+1

900 classic cab
Guest
5 years 4 months ago

+1

Ben
Member
5 years 4 months ago

+1

Nate 9-3
Member
5 years 4 months ago

+1 (my first +1 ever!)

JAJ – you don’t owe us, but we sure would love it.

Niklas G
Member
5 years 4 months ago

Sure that is for JÅJ to decide. If he considers this to be the right time, for him and for Saab, for someone else to grow into the job, then we should trust him on that. We owe him that, indeed.

GerritN
Member
5 years 4 months ago

Congrats to Mr. Antonov. Now everyone can focus again on how to round up about 0.5 billion Euros to be able to keep on going until profitability is sustained.

Quijote
Member
5 years 4 months ago

One of GM’s terms:

“Don’t establish any sort of Chinese relationship that may have a negative effect on our “Buick” cash cows.”

lol… “no te jode…”

RS
Member
5 years 4 months ago

Maybe VA is just a true Saab nut but no one in the Government could really believe it -until they finally met.
As long as Saab Saabs are developed and 2/3 of them built (THN at full capacity) in Sweden I’m a happy camper.

Vladimir UP!

michaelb
Member
5 years 4 months ago
Hello SU team, I am a bit lost about the current stage of affairs. Can someone in an article summarize what the steps still needed to resolve the immediate cash crisis are? Is the following sequence correct? 1) The NDO has given its approval or positive recommendation, but it has to be confirmed by the Swedish government 2) If the government approves, what are the next steps. In what function the EIB still can interfere, and with regard to what? 3) As GM has in principle approved VA as a shareholder, what is required further? Apparently Saab has to fulfill… Read more »
TonymacUK
Member
5 years 4 months ago

Me too!

Jeff
Member
5 years 4 months ago
Hey Michael! It’s been a whirlwind of news, and incomplete at that. We’re trying to keep it organized and make sure we give an accurate summary, but you’re questions are completely valid and now is a great opportunity to clear them up. 1. The Swedish NDO has approved, and there are “a few questions” that still need to be clarified going forward. What these are haven’t been made public, but according to the NDO they seem to believe they shouldn’t be hard to answer or stand in the way of a deal. This effectively means Sweden has signed off on… Read more »
TonymacUK
Member
5 years 4 months ago

And thank you for the clarification.

aero
Member
5 years 4 months ago

Understand from SR’s interview with Erik Geers that we could expect more good news today or tomorrow. This was said in reply to a question about the short term foundig. You could also read between the lines that it had to do with jåj and vm’s trip to China

Tim
Member
5 years 4 months ago

In a different interview he stated that it’s still unknown when Spykers Q1 results will be published, either tomorrow before the Amsterdam stock exchange opens of after. Depending on news about Saab…
My guess is that VM and JAJ are trying to finalize something in China.

Toby K
Member
5 years 4 months ago

Euro30m?

that’ll pay the legal bill and the 2 week backlog…but will it get Saab operating until the launch of the new 9-3??
No.
They need more than just VA for this-although it is great news-he is clearly one of the team now-committed passionate etc but there has to be another piece to this jigsaw.

Here’s to waiting for other significant surprises in the next 24 hours.

Peter, Sweden
Member
5 years 4 months ago

I’ve read that VA, together with some partners, also is about to invest 200 million euro in a 9-2. He was also prepared to buy the factory for around 100 million euro, so there is money…

The initial cash injection is, just that, cash. But he has more to invest (but not give away).

Nate 9-3
Member
5 years 4 months ago

So now VA is allowed in… as he should have been from the outset.

JH
Member
5 years 4 months ago

Very good news, and nice to watch Riksgälden’s press conference. The interviews with Mr. Geers and Mr. Carlström also makes me positive. Long live Saab! 😀

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