di.se: NEVS wins
di.se wrote today that NEVS has won the bidding process for Saab. I’d take this with a grain of salt as we heared a lot from different sources but nothing has been confirmed yet. Let’s take a look at what the article says:
According to Chinese sources, the electric vehicle consortium Nevs, with the main owner Kai Johan Jiang, has won the gamble on Saab.
DI says that Kai Johan Jiang has contacted the Chinese Development Authority NDRC to ask them to contact the other major stakeholder Youngman.
In the recent post Tim already mentioned that Jiang is said to have contacted NDRC. While NEVS does not need approval as they are headquatered outside China the reason for this is quite obvious: he wants to avoid the interference from Youngman in this process. I am not too sure if NDRC will follow him but through his other businesses he seems to be well connected.
The reason for this is that Nevs consortium has already agreed with the Swedish government about buying Saab’s bankruptcy estate.
While it may be helpful that Jiang is also connected in Sweden through his local projects I think that he would mainly have to agree on a deal with the receivers. Of course the government could offer some help from the funds that were destined for Trollhättan after Saab’s bankrupcy. But leaving all conspiracies aside, the government does not decide this.
According to the Chinese sources, a press conference to announce this is planned. Youngman, however, has placed the highest bid for Saab, over 4 billion SEK which includes the Debt Office’s demand for a pledge of 2.2 billion SEK. Nevs offer less than half and do not want to meet NDO, on the other hand their funding is entirely clear. Youngman for their part depend on the Chinese authorities to give the green light for a payout, writes DI.
Here something really interesting is hidden. If Youngman offers those said 4.4 billion SEK and you take away the 2.2 billion that shall go to the NDO you are not that far away from the 1.8 billion that NEVS offer for selected assets of Saab excluding Saab Parts. The mentioning of clear funding is most likely aimed at the fact that NEVS are not dependent on the NDRC – despite the letter of aknowledgement Youngman have it may still carry some uncertainty.
Personally I do not read too much in this piece. Most indications we get do not point at a quick deal and do not nessesarily concur with di’s article. Right now it is hard to get the complete picture but we may even see a surprise. I hate to say, but we still have to wait and see.