Talking to Reuters Victor clearly states that there has been a Chinese offer to take over Saab completely:
The chief executive of Swedish Automobile , owner of troubled car maker Saab, said on Friday he had turned down a full-blown takeover offer from China’s Zhejiang Youngman Lotus Automobile Co and Pangda Automobile Trade Co .
“The token offer was unacceptable because it would trigger every conceivable change of control clause and that would possibly mean the end of Saab,” Swedish Automobile CEO Victor Muller told Reuters in a telephone interview.
Muller would not disclose the value of the offer. As the two Chinese car makers were still interested in Saab, they should stick to the terms of a deal signed in July that would see them take a combined 53.9 percent stake in Amsterdam-listed Swedish Automobile, he said.
Both Youngman and Pangda declined to comment.
This rises the one big question: what or who changed their mind? On the other hand the Wall Street Journal article featured in the last post would indicate that this is mainly driven by Youngman. But what can we be sure of…?
In the same article there are some encouraging quotes from Alex Mascioli, the head of North Street Capital:
This has not discouraged race car aficionado Alex Mascioli, who told Reuters on Friday that his U.S. investment firm, North Street Capital LP, was pressing ahead with a $70 million deal that will allow Saab to keep the lights on.
“I expect the deal to go ahead. I’m willing to do what I can with my resources for Saab,” North Street Managing Partner Mascioli said in a telephone interview.
And further on:
“It’s Victor’s call. He has put a lot of effort into trying to save this company. At the moment there is a deal with the Chinese,” Mascioli said when asked if he was prepared to step in should the deal with Pangda and Youngman fall through.
Saab is an undervalued asset that will survive and from which Mascioli expects to turn a profit, he said, adding that North Street had the capacity to take over Saab should it wish to do.
It surely looks like NSC are about to take an active role in the process of saving Saab. But still this is a new development we don’t know too much about yet. So let’s (again) keep calm and carry on until we get more details on what is happening now. Be sure that we are watching this closely.