The following is a Googletrans from an article at TTELA.
I’ve included it for several reasons….
First, it’s good to see that the unions are on board with this transaction and so pleased with the outcome. They have their finger on the pulse in Trollhattan and their reactions are always a good one to watch.
Second, the article has a lot of good general information about the situation, including quotes from various key players.
Unions in favor of Chinese BAIC becomes part owner
China Beijing Automotive Industry Holdings (BAIC) is a partner in the Koenigsegg Group, which will buy Saab Automobile, according to a statement of intent. From the union side are you in favor of the deal.
For the employees at Saab Automobile, it feels very good to prospective owners of Koenigsegg Group now has cards on the table on financing, according to unions.
We have known that the money is there, but it’s next owner who must go forth with it, “says Paul Akerlund, chairman of the IF Metall Club at Saab Automobile, the TTELA.
Speculation surrounding the financing took off three weeks ago, when Koenigsegg told the government that it was three billion.
– That was a negotiating overtures to put pressure on the government. But it was very stupid.
Both Paul Akerlund and Union steward Annette Hellgren feel safe in the Chinese Beijing Automotive Industry is a minority shareholder in Koenigsegg Group.
– There are always concerns about Chinese owner, who with our neighbor in Gothenburg. With this the presentation we do not have that discussion – it feels good, “says Annette Hellgren to TTELA.
“This is an important step on the path to a new Saab. We have a well-conceived business plan, an important partnership and we are now ready to move forward without state funding,” said Christian von Koenigsegg, CEO for Koenigsegg Group, in a press release .
According to the letter of intent to BAIC become a minority shareholder in Koenigsegg Group. Koenigsegg Group will own 100 percent of Saab Automobile.
“The intention is to sign a final agreement later this year. Because of the signed confidentiality agreements, so no further data is currently being discussed. The Swedish Government has been fully informed of this intent,” the Koenigsegg Group.
According to the press release Koenigsegg Group will now focus on the ongoing discussions with the Debt Office of the State guarantees for Saab’s loans.
BAIC is under Koenigsegg Group one of the leading and fastest growing car manufacturers in China. The company, headquartered in Beijing, is expected to sell a total of 1.13 million cars this year.
BAIC was one of the speculators who at an early stage showed interest in buying the Saab.
– That it is such a great player who BAIC is great for Saab. It opens up tremendous opportunities for Saab in China, “says Saab’s CIO Eric Geers.
So far, Saab’s sales in China have been very modest. Much as imported cars are very expensive because of high tariffs.
– Now it should be easier to penetrate the Chinese market, “says Eric Geers.
If it means that Saab Cars will begin production in China, he would not comment on. BAIC has previously co-operation with, among others, Daimler and Hyundai. This year the company expects to produce over one million cars.
Eric Geers sees no problem with it is a Chinese company involved. Including sub-contractors have expressed skepticism about Chinese companies because they are afraid of plagiarism.
– It’s something we are aware of and it has been completed through a contract with BAIC, said Eric Geers without wanting to give more details.
How much money BAIC bet he wants to not tell.
– No, no fees, I can not reveal. But by this solution has covered the last part of the funding, the majority of Koenigsegg Group has talked about, “he says.
Koenigsegg Group claimed three weeks ago that there was a shortage of three billion crowns. When the company wanted to have an additional state loan for the rest all in port. It should not be needed anymore.
– All that remains now is the process of EIB loans and government guarantees. We hope that the whole affair will be concluded at the end of October, “said Eric Geers.
If all plans go without a hitch to its Governing Council to take up Saab’s loan application at the meeting on 21 October.
– It is good that the company has listened to the government and made sure to raise private capital, “said Enterprise and Energy Maud Olofsson told TT about the declaration of the Beijing Automotive is planning to go into business with Koenigsegg Saab.
The news means, “said Alfredsson, the first of four phases can be finished, remaining current discussions with the EIB and the approval of the commission, as well as discussion of government guarantees for loans.
– For the employees at Saab, it is crucial that there is private capital that can help make Saab profitable again, “says Olofsson not want to comment on Beijing Automotive.
For the Government and National Debt Office will assess the business and any guarantees to the Koenigsegg only to be strictly business, and based on whether there is adequate securities.
The Social Democrats’ economic policy spokesman Tomas Eneroth welcome in a statement that the financing of Saab affair now appears to be in place.
“Now the government needs to seriously and urgently consider the question of loan guarantees,” he writes.
BAIC has also been mentioned as possible buyers of Volvo Cars and is alleged to have been involved in budstriden about Opel.