Press-Release from Saab
October 21, 2011 in SAAB Automobile AB
Ongoing Discussions With Pang Da And Youngman
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) confirms that a new offer, constituting a direct purchase of the shares of Saab Automobile AB and Saab Great Britain Ltd, was made by Pang Da and Youngman. The parties made the offer during discussions with Swan, referring to changed circumstances since July 2011 when the subscription agreement was signed. Swan declined this offer. Swan has requested confirmation from Pang Da and Youngman that they are able and willing to consummate the agreements that are signed. That confirmation has not been received to date. Further discussions are ongoing.
Yesterday the administrator filed an application to terminate the voluntary reorganization process with the District Court in Vänersborg, Sweden. The regular procedure prescribes a hearing of the arguments of both the administrator and Saab Automobile. Saab Automobile has until 27 October 2011 to reply. The court has informed Saab Automobile that it shall decide on this case on 28 October 2011.
The current developments do not influence the validity of the offer of North Street Capital LP as communicated yesterday.
In view of all developments Swan has decided to publish its Q3 2011 results on 30 November 2011 instead of 28 October 2011.
kid cassady said on October 21, 2011
I hope Mr. Muller realizes that this is the last option before Saab is eviscerated before the creditors.
TimR said on October 21, 2011
No its not… there is more options!
TurboLover said on October 21, 2011
What options?
TimR said on October 21, 2011
Wait and see… If I know Victor, we’re going to see some good stuff coming soon!
TurboLover said on October 21, 2011
I hope you are right Tim, but I do not think it is wise to believe 100% in things that was wispered in your ears. Solutions have been “just around the corner” before, but things can f**k up in last minute. That should be obvious for everyone by now…
Sadim said on October 21, 2011
TimR October 21, 2011 at 14:25
Yeah….. right. More smokescreens, maybe different colours, but smokescreens still the same.
Tim, I can quite understand if you feel the need to express optimism and enthusiasm in order to mobilise som team spirit. And I think your ambition is correct. But without the faintest trace of realism you just come out as looking a teeny-weeny bit daft.
TimR said on October 21, 2011
Sadim: Thank you for your comments! Just what I wanted to hear
Jeff said on October 21, 2011
Hey Tim, it’ll be fun at least to see how the naysayers feel about the next big announcement, huh?
Henrik said on October 21, 2011
I´m getting curious guys, yesterday I was thinking Victor should let go, now I´m not so sure anymore. I hope it´s something good, perhaps Pang Da and Youngman will regret their recent actions?
ANA said on October 21, 2011
Henrik
For the benefit of Saab Victor has to go, it is just a question of when and how.
TurboLover said on October 21, 2011
@ Jeff & Tim! Please can you just give us some sort of timing? Is it within a week?
till72 said on October 21, 2011
Most of all this would show that Lofalk is wrong.
TurboLover said on October 21, 2011
Care to elaborate on that?
till72 said on October 21, 2011
The Chinese still negotiate on base of the agreements with SWAN.
TurboLover said on October 21, 2011
Nope, read again: Further discussions are ongoing
till72 said on October 21, 2011
As I said. Would show.
kid cassady said on October 21, 2011
It wouldn’t show he’s wrong at all. Lofalk is attempting to terminate the process because Muller won’t accept being out of the picture and the only other option is a pittance of capital by a private US creditor. To VM, this present offer by the Chinese is a hostile bid that does not include SWAN in its equation – hence the refusal.
Belfast_Saab said on October 21, 2011
eviscerated – had to look that one up – thank-you Wiki for ruining my lunch
ugh!!
obelix said on October 21, 2011
LOL
Also on wiki: Eviscerated, Dutch death metal band hehe
alwaysSaab said on October 21, 2011
For whatever there may be, I am sure Victor is well aware that any tie-up with Pang Da and Youngman has unlimited long term advantage to Saab as that opens up the vast vehicle market in China and that is what Saab needs to see a profit and survive. So please don’t blow it.
mnztr said on October 21, 2011
What Pang Da is doing is using the current difficult circumstances to negotiate a better deal. I am not sure what Guy Lofak is doing here. Perhaps he is acting as an instrument of the Swedish govt to remove VM? Perhaps VM should sell all the shares but then exit the stage and leave the Chinese to recapialize SAAB on their own. I would just redo the deal to what is they offered plus 100% assumption of libilities outstanding so he can walk away with 200M. If the Swedish govt is so determined to remove him, he should accept it will be almost impossible for him to continue as a major player at SAAB.
Sadim said on October 21, 2011
Why on earth would anybody believe that the Swedish Govt wishes to remove Muller? I don’t think they care a fig if Muller, Jesus or Morrisey is running saab – just as long as SAAB is run with a profit.
Rune said on October 21, 2011
Sadim, feel free to explain away swegov’s refusal to openly make a ruling concerning Antonov.
Instead they let EIB do their dirty work.
Sadim said on October 21, 2011
That is beside the point, the question was why the Govt would want to remove Muller.
Rune said on October 21, 2011
I do not know the answer to that question Sadim.
From the look of things, I’d say it is because Victor’s family does not have ties with Swedish royalty. He is ‘new money’ and that is something we Scandinavians are allergic to. Specially those cases where the ‘new money’ have extra ambitions beyond winning the lottery.
Ingvar Kamprad largely escaped a similar fate by consistently staying in the background until such point that he became untouchable. In Norway you have people like Kjell Inge Røkke who also have had to deal with similar treatment (culminating with him strengthening ties with various politicians beyond what a healthy democracy should find worthy — but I think in his case it is absolutely necessary).
Scandinavia is just too small of a place for businessmen of Victor’s caliber.
ANA said on October 21, 2011
Rune
Are you seriously saying Swegov is trying to oust VM because he is nouveau riche?? I haven’t had such a laugh for ages. It’s like saying Lofalk tried to sell Saab because he thought he was a braggart.
Rune said on October 21, 2011
ANA, the proof is in the pudding. He is obviously rubbing them the wrong way.
DanSaab said on October 21, 2011
At least discussions are ongoing
Holding my new breath again for the best 
No i will keep on driving my Saab 900 SE Turbo 1997 now until next week, then i am gonna prepare the car to be parked inside a garage during the winter
Peter, Sweden said on October 21, 2011
To me it still seems that the Chinese has no thought what so ever to keep the production in Sweden, and VM knows this. His mission is to secure Saab as a niche player in Sweden, not as a random, low-quality Chinese brand with an impressive heritage.
TurboLover said on October 21, 2011
Can not find the logic in your reasoning at all :-/
Trued said on October 21, 2011
Peter,
Would You say that the iPad and iPhones are low quality products. Guess the chinese might want to keep design tech development and all sort of engineering work in Sweden. Sweden has some of the lowest engineering salaries in the western world. All of the infrastructure stable economy etc. here in Sweden.
Guess the cars very well could be made in china/mexico or elsewhere. That is the way the world is turning wether we like it or not. Its more of a consequence of the market economy we all cherish nowadays.
Less skilled labour will gradually find it hard to find work in the western world.
Our growth sector is at higher systems levels, design, technological spearheads etc. At least Sweden has a great advantage being ranked as one of the top 5 countries in the world when it comes to entrepreneurship, creating new technologies, early adopters of technologies etc. etc. Sweden is damned good country to live and work in, as well as developing Saabs for example. Let´s do that!
Jeff said on October 21, 2011
Where are Roewe vehicles engineered again?
Peter, Sweden said on October 21, 2011
I don’t see Chinese vehicles as bad quality per se at all, but I doubt that VM would diss the new offer it it would to come with a good deal for our beloved brand
saabdog said on October 21, 2011
I think what we’re seeing is a high level chess match going on between all of the parties. Each one is pressing for the advantage. IMO, the Chinese are merely positioning themselves to get a better deal. Also, I wouldn’t be surprised that even if Saab were to be declared insolvent and go into bankruptcy, another manufacturer (not Chinese) would scoop up Saab and the brand would carry on.
Örjan said on October 21, 2011
If SAAB goes bankrupt there will be no SAAB-brand. At least not on any new car.
SaabSouth said on October 21, 2011
I think VM knew the Chinese would try and have him over in the end! Not difficult to predict based on their track record……. now the Chinese have to get their act together – interesting to see how this pans out now.
TurboLover said on October 21, 2011
“their track record”
Is there a collective Chinese track record? 20% of earth’s population have a track record in common?
Ethnic stereotyring, it is soo Un-Saab…
kid cassady said on October 21, 2011
Don’t get morally indignant. He’s talking about their track record in the foreign automobile business. The NRDC pushes for intellectual property. That usually involves taking everything and the kitchen sink when it comes to company acquisition, not money to float foreign companies.
SaabSouth said on October 21, 2011
Correct Kid – having been involved in the Rover process that is exactly what I mean!
SaabSouth said on October 21, 2011
By process I mean working in the franchise at the time….
TurboLover said on October 21, 2011
OK, sorry. My bad
Nicke said on October 21, 2011
As I see it all so need the SAAB at least 2 billion in crowns .. Really do not think the American investor can afford it ..
Saab needs a lot more money than 460 million ..
In my eyes it just gives them new U.S. money saab protection in maybe 2 months ..
While the Chinese can afford to invest over 6 billion in what could give Saab a real chance to survive ..
Victor Muller begins more and more looking like a burden instead of a savior ..
Think it’s time to let Victor step aside ..
He feels abusive and I’m tired of defending him ..
Do not know how many times I have said “you just wait, he will resolve this,” should not talk about how many times I’ve read it …
This is only my opinion of course!
KarlR said on October 21, 2011
+1
saaburban said on October 21, 2011
What makes a better financial future for Saab.
1. 30%,30%,30% ownership (swan, youngman, pangda)
2. 50%,50% ownership (youngman, pangda)
3. 30%,30%,30% ownership (swegov,youngman, pangda)
4 70%,30% ownership (youngman , pangda)
quickbird said on October 21, 2011
2 or 4. VM doesn’t know how to run a big company. He should step aside now or else SAAB would die in hie hand…
ivo 71 said on October 21, 2011
And Youngman & Pang Da do know how to run a big company? Youngman assembles buses and a few cars and isn’t even in the top 10 of the Chinese car companies and Pang Da is a car sales organisation that has never built anything on wheels or otherwise.
Ivo
fido said on October 21, 2011
Youngman & Pang Da no need to known how to run a big company, who are bigger than GM?
Youngman just only one thine to do, continue support SAAB for a long time, and let SAAB do his job.
Mr. Li Shufu told to Volvo: 放虎归山, means let the Tiger return to forest.
much like SAAB’s —-Release Me!
ivo 71 said on October 21, 2011
But I cannot imagine Youngman/Pang Da to just keep pumping millions, billions perhaps even, into Saab and refrain from having any say-so in Saab’s operations and future. In their position, I would want to have influence on what is happening with my money. And so will they.
Ivo
quickbird said on October 21, 2011
You cannot image if Pangda get the solo distribution in China, how much money it would make.
Subaru is a good example and Panda want to repeat the same thing in SAAB. I would glad to see that..
fido said on October 21, 2011
Youngman wish to create a SAAB sub-brand and produce the cars in china and sell in his own distribution network.
Pand Da will sell imported SAAB cars.
SAAB will focus on global market outside china, and technology development and design.
SAAB already have good plan, just no resource to implement. in global market, SAAB is teacher of Youngman, in china market, Youngman is SAAB’s teacher.
that will be best partnership.
fido said on October 21, 2011
80% / 20% or 90%/10% (Youngman, Panda)
give Pang Da 50% distribution rights for chinese market. other 50% control by SAAB. solo distribution is not best for SAAB, it’s best for Pang Da.
KarlR said on October 21, 2011
Victor Muller you have destroyed a real great brand name!! Nobody will ever buy a SAAB car again!! You are a joke that need to understand that game of yours is over. In little over a week they will come and take production equipment and also sell all the nice cars from the museum! VM please go home and stay there, You have to stop living on other peoples money!!
ivo 71 said on October 21, 2011
Can someone give KarlR the opportunity to dispense his wisdom elsewhere? I’m sure he will be more than welcome at DI.
Ivo
Saabseller said on October 22, 2011
The Chinese are playing their waiting game. They will not settle on a deal with SAAB until the last minute and they are on their knees, then they will swoop in with a lowball offer – $1 and take the lot. They are not interested in partners, just 100%. Saab will end up in China, made in China.
Take a look at how many dots there normally is on the user map – lots out of China.
VM will loose his investment in SWAN and most likely still have massive debt of his own, that is why he is fighting – wouldn’t anyone?
This is grubby business on the Chinese part, but because everyone buys crap, that is where all the money is. I’d rather see SAAB closed down than go that route.