di.se reports that the Saab-Youngman-Pang Da deal has today been approved on the provincial level.
In about a month’s time a decision is expected from NDRC centrally after which another two government authorities will have their say.
Local DRC approval came last week. So far there has only been talk of three authorities – local, provincial and national. Only one more to go, as far as I know. ttela.se also reports that NDRC is the final hurdle.
Saab still needs NDRC approval. After that Youngman will have to submit papers to the Local Commerce Department, contact the Chinese embassies in Stockholm and Amsterdam, file an application with National Department of Commerce and finally (together with Pang Da) get everything approved by Foreign Exchange Bureau. (See Letters of Support from Pang Da and Youngman)
Two down, one to go. Moving along swiftly, as Pang had anticipated.
And the first judgement (on the reorganization plan) implied the application at NDCR wasn’t even made yet…
Something is rotten in the state of SWEDEN.
Well, the Court just didn’t bother to understand how the process in China works.
Hey, we only have 3.500 employees in our hands, no big deal huh?!
🙁
Guess the journalists got all worked up about that; you know sloppy translations and all that; and perhaps the fact that in English, they are called local and provincial DRC, thus if someone said to the journalists that it hadn’t reached the NDRC, it was true. 🙂
Technically, they are correct. In order to apply to the NDRC, you have to get passed the other 2 first.
They received the approval on provincial level, meaning PDRC
So, I was wrong again!? Now my ears are pulsating maroon red.
Think I better change nick…
DI are plain wrong that 3 gov. authorities remains. It is 3 in total and only NDRC remains. “Biggest bussiness paper in Sweden” do not have a clue… as allways… 🙁
No, they are not.
Go to our letters from Pang Da and Youngman post and search for a picture of the Appendix 1, there you will see the other two authorities.
The other two authorities are called NDC and FEB.
Indeed! So this is wrong: “NDRC is the final hurdle” [error in the article]
And what about the other “usual suspects”??? I guess (as usual) also GM, EIB, SNDO and the Swedish Government have to approve.
If reconstruction is granted with normal 3 month duration for a start, going up to 12 months, they will have the time to decide.
At the moment the reconstruction approach is the one followed.
Do we expect any of the involved not to give their approval within that time period?
Thay are not asked to approve of a russian, but of a company backed by Chinese government
Boe,
this is my view on things.
Pang Da and Youngman need first the Go from the Chinese authorities, after that, they will be able to invest in Saab. If after than one of the “usual suspects” says no there will be more options to solve those problems.
I always thought that before any could invest in Saab (or take a stake larger than 5%) the EIB needs to give it’s OK.
And both the stakes of Pang Da & Youngman are bigger than 5% (or 10%).
Maybe.
But do you expect them to deny approval?
And if they do, what would you expect the chinese to do?
@Khrisdk, I think the past learned us that we can’t predict how they will react 😉 Both the Antonov and Hemfosa “deals” took quite some time.
Antonov is maybe not a good example, but I was really surprised how much time it took to get the property deal approved.
Yes the EIB is an interesting entity
Best described by this 😉
Red, I told TurboLover et al it some 2.5 hours before you and 4.5 hour before BoeBoe commented, so I think he knew at the time of your comments 😀 (and poor TurboLover’s ears are probably know dark red, even if there is no reason for that). 🙂 But, have you told Rune, who wrote the post, it could have been a reason why some wrote what they did? 😀 If you didn’t see my comment below, and exchange with TurboLover, that’s an example on why it’s not working any good using blog comments to argument or post comments back… Read more »
Yeah..forums are nice for more in depth stuff.
The problem is that noone really uses it here.
And it is hard keeping up with all comments. I know.. I try 😉
I still really would like those posts with the grand overview of procedures.
Even though I know they are hard to write, and a little boring to read
Khrisdk,
I also like the blog form, for big news and small tidbits, everything; it’s just that, as most have noticed, there tend to be discussions from time to time, and this one is indeed a short one, so far, and then it gets *very* difficult… Guess the community wants to get involved, and that’s always nice. 🙂
@Tripod
Yes, I understand that. The blog format is actually nice for the type of coverage that SU does
It’s just because I am actually more of a forum guy, and normally with a license to merge and split threads 🙂
I amended the post in what little modest way I could.
If it is OK with you guys, I think I will grab some shuteye now. It has been a long day! 🙂
Rune,
You guys are doing a great work! 🙂
Tripod,
normally I read all the comments before I answer another comment, but in this case I forgot that I was off-line for hours, and that maybe anybody else could already have answered that.
Anyhow, now more people know about it 😛
Superb momentum building up here……VM’s having a good birthday
Yes. And as mentioned it came two days earlier than expected, and that’s very nice. Can’t be sure about anything until … but fingers crossed.
It’s great that this second approval comes before the court get the appeal from Saab. 🙂
The other two are probably the Department of Commerce and the Foreign Exchange Bureau; as mentioned in the appendix to the appeal. Probably a quicker process.
So DI was somewhat right in their writing? ( I feel my ears are a bit red). Do these to new bodies oftenly say no if NDRC says yes?
“Do these to new bodies oftenly say no if NDRC says yes?”
I do not have the faintest idea.
As for the appendix if people don’t have it or read it at the District Court’s pages, it was posted here earlier.
http://saabsunited.saabklubben.se/2011/09/letters-of-support-from-pang-da-and-youngman.html
After the NDRC approval has been secured, there is the Provincial Dept. of Commerce. They receive the M&A report from Youngman/Pang Da with NDRC’s OK stapled to it for their bit of say so. For that, the PDoC has to request info from the Chinese embassies in Sweden and the Netherlands. Is that opinion positive then the Provincial DoC sends a report with their recommendation to the National DoC which, if they are happy as well, send it for approval to the Foreign Exchange Bureau. That is, as far as I can see from the timetable provided by Youngman, the… Read more »
ivo 71,
Yes, as I wrote above. 😀
Yes Tripod, I totally acknowledge you were the first ;-). I just thought I would write it up in a way everyone here can comprehend. Particularly those amongst us who love to criticize details but tend to forget about the big picture.
🙂
Ivo
ivo 71,
Heh, no problem. It was just the usual “coming back after a few hours, and see that a post has ~50 comments instead of 5, and some of them repeat what has already been mentioned”-thing. 🙂
I have no problem whatsoever with your comments Ivo, I enjoy reading them, spot on.
China seems to have even more bureaucracy than Sweden! (I am currently reading the satirical novel The Red Room by August Strindberg about Swedish bureaucracy…)
The most depressing thing about that book is that it could have been written today.
Oh forgot..not only about sweden
Fair dinkum!
2 out of 3, this is looking good.
Congratulations – and congratulations … 🙂
Excellent news!
One more little VICTORy I think.
But it isn’t over till it’s over, there are many battles ahead on that rocky road for the tenacious.
Keep thinking positive all you out there in Saab land.
There must be a rather confused fat lady somewhere… 🙂
I reckon she is having a major tantrum right now.
Just keep her spinning around fast enough.
She might loose some weight and the ability to sing.
She just left stage actually, don’t know if she will be back…
Is she called Maud? The one of the windmills?
Great !
Did anyone happen to read anything about the outcome of the meeting that the Swedish ambasador held with (N)DRC representatives in China? They were suposed to meet today arent’t they?
Thanks.
That’s 2 days ahead of the official schedule! Quite a feat when dealing with local and provincial officials. Approval from the NDRC should come on October 14th if all goes as well as with the local and provincial DRC’s.
Now, my question; there is still a whole bunch of sign offs to get from foreign exchange bureaus, embassies in Sweden and The Netherlands, commerce departments, etc. This can last well into November. Bluntly stated, when can the money be transferred?
The schedule has the process lasting into early November.
Until now our Chinese friends have been sticking remarkably well to their schedules.
Hey Swade, interested in being stationed closer to Oz, like China perhaps?
Like, 24 hours after the Foreign Exchange Bureau has given its blessing? But I guess yiu knew that already 😉
Ivo
Good news raining this week ….. better buying myself an umbrella 🙂
Griffi Up !!!
Carlo A –
Forget the umbrella. Let the good news hit your hands and face. We have had quite the drought lately.
Good idea 🙂
Should bode well for the Appeal.
+1 🙂
9 2/3 lives. 😉
So only one step left. The representative of SwedGov should show his ability to quicken the NDRC decision. 😉
Come on, just this last national approval and the Chinese can invest. Would there still be a possibility that GM gets in between this deal?
Hope not.
Perhaps if they intend to sell their new “Premium Opel” ? 😉
Sorry, but no sign of Premium at the Opel booth!!!
Only normal cars for normal people.
I know. I heard they want to lift their cars into premium. So I wrote “…….” in an ironic way. 😉
Opel is currently marketing the insignia as “the best car they ever build”. I would love to see a cover article with the title:”How much Opel contains the insignia” and summing up which parts are actually developed by Saab and/or Swedes so the whole world can see that the new 9-5 is not a big Opel, but the “best car they could build” is actually a Saab abused with an Opel badge
Polle,
we should start forgetting about that. I think even in the future Saab will do some engineering work for GME at least on the powertrain side, and nobody will now as GM won’t tell anyone.
The best thing is to concentrate on Saab, and when the Phoenix based 9-3 comes to market then we will see how good the GM platforms are. 😉
Red J,
I don’t fully agree with you. Saab is seen as unsignificant in the automotive market and is currently beïng chocked. We have put our pants down to have a chance at a future and I think we are entiteled to show off what we have accomplished in the past.
Our gearboxes have an aisin badge, almost halve of the European diesel cars have a PSA badge. I think we should be able to show the world what parts should have a Saab badge.
Well, it could be used inr a re-birth marketing campaign one day: Did you know that Saab…
Ivo
P.S. Just read the German Handelsblatt Liveticker 13.09.11 – GM intends to build a plant in China to sell Opel. There might be a business competition with Saab !
Victor Up!
This is soooo wieeerd…
This poor brand has to go through every imaginable instance in the whole world before there can be any cars built?!
I’ll bet it’s lightyears easier to start manufacturing cocaine or blow up a nuclear industry than building SAAB cars!
Now let’s see what the cats 10:th life goes for, this one needs eternal life to keep on like this… “Neverending Story” is the music for me in my car right now 😉
What the typical NDRC bureaucratic office looks like …….
http://4.bp.blogspot.com/_v75JyXu_llo/S7y_oPLldSI/AAAAAAAAAAc/dN7sQ6iHfXc/s1600/British_Office_with_Typists_Bar-Lock.jpg
😉