You know that personally speaking, I’m not keen on the idea of Saab being part of a Fiat megamerger involving Opel, Chrysler, etc etc.
I’ll prepare a proper “2 cents” entry shortly, but for the moment, I need to cover the news that Saab themselves would welcome a chat with Fiat.
From an article in Automotive News:
Sweden’s Saab Automobile, owned by ailing U.S. auto maker General Motors, would welcome talks with Italy’s Fiat S.p.A. about a takeover, Saab said on Wednesday.
Fiat, not among the 10 suitors currently in the race for Saab, has however not been in contact with Saab’s management, Saab spokesman Eric Geers told Reuters.
“But we are open for discussions. If Fiat comes into the picture, we would welcome a dialogue,” Geers said.
One of the issues at hand is the reorganisation process that Saab are currently involved in under supervision from the Swedish court system.
Saab’s initial reorganisation period concludes on May 20. It is anticipated that Saab would therefore go before the courts again on May 19 and seek an extension in order to continue the process whilst a deal with a new owner is finalised.
The question, therefore, is how this Fiat-chat would effect the buyer process that Saab are currently in the middle of.
Geers would not comment on whether Saab is pressed to present a letter of intent with a new owner by that date to be able to keep the automaker going, but said it was important to show evidence of progress.
“To prolong the reorganization period, it is important to disclose in more detail how far we have come. And, of course, the ownership issue is very important,” Geers said.
I’m still very, very cautious about this whole thing. It just doesn’t smell right to me.