SAAB / NEVS
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Spyker CEO Says GM Has Responded to New Bid for Saab By Ola Kinnander and Jeroen Molenaar Dec. 21 (Bloomberg) -- Spyker Cars NV Chief Executive Officer Victor Muller said General Motors Co. has responded to the Dutch sports-car maker’s revised bid for the Saab unit, days after the U.S. carmaker said it will shutter the brand. Saab would still seek a development loan from the European Investment Bank under the new offer, Muller, 50, said today in a telephone interview. The CEO declined to say whether Russian businessman Vladimir Antonov, the chairman and biggest investor in the Zeewolde, Netherlands-based sports-car maker, still has a role in the new bid. Gene…
Last reply by ZL-1, -
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Update: Spyker extends Saab offer to Wednesday 12/21/2009, 2:35 PMBY ANDREW GANZ Dutch automaker Spyker extended its second offer to buy Saab from General Motors from 5 pm Eastern today until Wednesday, according to reports out of Sweden. “We wanted a reaction from GM, which we now have. Thus, we can now remove the deadline,” said Spyker CEO Victor Muller in an interview with svd.se. The likelihood of GM acquiescing to Spyker and selling the brand – instead of shutting it down and laying off upwards of 3,400 workers – is not very good, however, according to a Swedish government minister actively involved in the search for a Saab buyer. “We hope, naturally, that even …
Last reply by regfootball, -
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Filed under: Europe, GM, Saab, Earnings/Financials, Spyker Here's the skinny: Saab isn't totally dead yet. As the weekend showed, there's (a little) hope for both Saab and its Dutch suitor, Spyker. As our man Ramsey laid out yesterday, Spyker submitted a renewed eleven-point plan to General Motors that they (Spyker) hopes will allow them to take ownership of the deeply troubled brand. And yes, being pronounced dead four days ago counts as "deeply troubled." As Swedish Prime Minister Fredrik Reinfeldt pointed out, all this dead/not dead uncertainty has been throwing Saab employees, "between hope and despair." Meanwhile, a (perhaps) unintended consequence of Spyker's el…
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In what could be a final attempt to save SAAB from closing down, tiny Dutch sports car maker Spyker submitted a new 11-point proposal to buy the Swedish brand from General Motors on Sunday. The Dutch company said that its new proposal addresses all the issues that resulted to the collapse of the talks earlier this week. However, Spyker noted that the renewed offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009. GM issued today an official statement saying that, following Friday's announcement on the closure of SAAB, it "received inquiries from several parties" and it will evaluate each and every one without disclosing any more details on the matte…
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GM Gets Inquiries About Saab After Plan to Shut Unit (Update2) Share Business ExchangeTwitterFacebook| Email | Print | A A A By Niklas Magnusson, David Welch and Ola Kinnander Dec. 21 (Bloomberg) -- General Motors Co. said it received inquiries from “several parties” regarding its Saab unit after announcing it would close the Swedish automaker following the collapse of talks to sell the division. One approach was from Spyker Cars NV, which said it submitted a revised bid that will expire today at 5 p.m. in New York. Some asked about assets such as machinery, tooling or the factory at Trollhaettan, Sweden, where Saab is based, said a person familiar with the matter. Th…
Last reply by NINETY EIGHT REGENCY, -
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Sweden won't save Saab 21 December 2009 Sweden's government has reiterated that it will not provide financial support to rescue Saab. The government was called upon to put together a rescue package after GM announced it was closing the brand down with immediate effect. Swedish enterprise minster Maud Olofsson lamented the "very sad" news, but said the government was not in a position to help - whether or not a renewed bid by Spyker for the company was a success. "We don't have the expertise and we don't have the money," she said. "It is very bleak. Very sad news for all of the employees and it comes at the worst possible time." Olofsson has called a meeting between …
Last reply by NINETY EIGHT REGENCY, -
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By Mike Harrison Dec. 20 (Bloomberg) -- Spyker Cars NV today said it has submitted a renewed offer for General Motors Co.’s Saab unit. “An 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process” which will “remove each of the obstacles that were standing in the way of a swift transaction,” Spyker Chief Executive Officer Victor R. Muller said in a statement. GM last week said it will shut the money-losing Saab unit after talks collapsed on a sale to Spyker, the second failure in less than a month to keep the 72-year-old Swedish brand alive. GM and Spyker decided there was “no point in carrying on” after …
Last reply by regfootball, -
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Saab Sale Cannot Be Concluded Brand to be Wound Down 2009-12-18 Detroit. General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations. "Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reason…
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Last reply by Drew Dowdell, -
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What Should GM do with SAAB's 2010 9-5 Sedan and 9-4x? Unless you have been living under a rock, you've probably heard about GM's decision to close down its SAAB brand after it became clear that the Spyker deal could not be completed in reasonable time - or so the Detroit automaker claimed. Some say, there's still some hope left for the once innovative and quirky Swedish brand as during the wind-down procedure, a savior might come forward and express interest in Saab as a whole or a part of the company. There's even talk about a second life in China as GM could sell more Saab assets to BAIC or another domestic maker. In any case, one of the first questions that arose …
Last reply by Croc, -
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The ignition was in the floor. It had a rear hatchback, not a trunk. The hood was hinged at the front, so it opened away from the windshield. And many of its owners — including Jerry Seinfeld’s character on his long-running sitcom — were intensely loyal. Auto enthusiasts across the country were dismayed by the news Friday that General Motors was planning to shut down Saab, the Swedish carmaker it bought two decades ago, after a deal to sell it fell apart. Even with its modest and steadily declining sales, Saab long stood out as a powerful brand in spite of itself. “It wasn’t designed to be a fashion statement,” said Ron Pinelli, president of Autodata, which tracks ind…
Last reply by ZL-1, -
REPORT: Swedish government to meet with GM officials - could Saab still be saved? Less than a day after General Motors officially announced Saab's euthanization, it looks like the storied Swedish brand might still have the faintest whisper of a pulse. Motor Trend is reporting that there are rumors swirling that the Swedish government will hold emergency meetings this weekend to try to save Saab. At least some government officials apparently feel that Saab is too important to fail... now where have we heard that before? With such a small population, the closure of Saab could have a major impact on the nation's economy, much like the failure of GM (and Chrysler, to a lesse…
Last reply by NINETY EIGHT REGENCY, -
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Key events in Saab's history AUTOMOTIVE NEWS DECEMBER 18, 2009 - 11:00 AM ET DETROIT (Reuters) -- Here are key events in Saab's history, including today's decision by General Motors Co. to wind down operations after an attempt to sell the brand to Dutch luxury carmaker Spyker Cars failed: 1946 -- Svenska Aeroplan Aktiebolaget (SAAB), founded in Sweden in 1937 to produce high-performance aircraft, starts to produce cars. 1969 -- Saab AB and truck manufacturer Scania-Vabis AB merge under the name Saab Scania AB. 1986 -- Saab sells 48,181 vehicles in the United States, still its U.S. peak. 1990 -- The Saab car division is restructured into an independent company. Inv…
Last reply by NINETY EIGHT REGENCY, -
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The glow fades at Saab store built on 'promise of hope' CHRISSIE THOMPSON AUTOMOTIVE NEWS DECEMBER 18, 2009 - 4:16 PM ET JMK Saab is a standalone store built “with the promise of hope,” general manager Cathi Maier says. Like other Saab dealerships, JMK kept that hope going until the end. But the need to have a Plan B was in the back of the employees’ minds. General Motors Co. put that plan into action today when it said its proposed sale of Saab to Dutch niche automaker Spyker Cars NV had fallen through, and the brand and its 218 U.S. dealers would wind down. “We felt it coming,” Maier said. “We were pretty much hoping it would go to another direction, but you ca…
Last reply by NINETY EIGHT REGENCY, -
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Saab, 218 U.S. franchises to close after GM sale to Spyker fails CHRISSIE THOMPSON AND DOUGLAS A. BOLDUC AUTOMOTIVE NEWS DECEMBER 18, 2009 - 9:00 AM ET UPDATED: 12/18/09 12:16 P.M. ET Listen to conference call with GM executives and media about the shutdown of Saab at: www.autonews.com/gmsaabcall. DETROIT -- Saab and its 218 U.S. franchises will close down, parent General Motors Co. said today, marking the third sale of a GM brand to be canceled this year. This time, issues that came up in the Swedish brand's sale to Dutch niche automaker Spyker Cars NV couldn't be resolved quickly enough. “We've tried very hard in a not very long period of time with Spyker t…
Last reply by NINETY EIGHT REGENCY, -
Beijing Auto to immediately start integrating Saab designs First vehicles using Saab IP available as soon as 2011 DECEMBER 18, 2009 11:46 CET BEIJING (Reuters) -- Beijing Automotive Industry Holding Co. said on Friday it will immediately start integrating its newly acquired technology from General Motors Co.'s Saab unit into its vehicles. BAIC, China's fifth-biggest automaker, plans to start production of its Saab-based own brand of cars as soon as 2011. BAIC recently acquired the rights to vehicle platforms from Saab for an undisclosed sum. One newspaper report said that BAIC paid $197 million for the assets, which include the intellectual property and tooling for t…
Last reply by NINETY EIGHT REGENCY, -
REPORT: No alternatives left - Whitacre says it's Spyker or the Grim Reaper for Saab It's now or never. By the end of December General Motors will either divest itself of Saab by selling the Swedish automaker or by permanently closing its doors. And there is but one company bidding for the Swedish automaker -- Spyker -- which has yet to turn a profit. GM Chairman and interim CEO Ed Whitacre told a group of reporters at the company's Detroit headquarters that Spyker is the only automaker left bidding for the perennially struggling automaker. Whitacre reportedly told attendees that striking a deal was "possible," but he then reiterated that Saab would close if the deal isn…
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Report: BAIC acquired old Saab rights for $197m; dealers get extra month 12/15/2009, 8:57 AMBY ANDREW GANZ Yesterday, General Motors, Saab and Beijing Automotive Industry Holding Corporation came to an agreement over the sale of tooling to older Saab products, a deal that reports out of Sweden now indicate was worth $197 million to Saab. In addition, there was good short term news for North American Saab dealers, who saw their contracts extended through the end of January next year. BAIC required the rights to produce vehicles based on the outgoing 9-5 and the 2003-2006 model 9-3 in China. The deal will give BAIC its first ever line of new cars in China; up until now, …
Last reply by daves87rs, -
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GM Sells Some of SAAB Assets to Beijing Auto Rights and Toolings for Existing 9-3 and 9-5 to be Acquired by BAIC When Saab's sale to Koenigsegg flamed out in late November, many presumed it was the end of the line for the brand, much as Penske's withdrawal spelled the end for Saturn. It now looks like those pessimists may not have been far from the mark but there is some hope for the brand in the form of China's Beijing Automotive Industry Holding Co. (BAIC). General Motors is still holding open the possibility that Saab might find another buyer, possibly in the form of Spyker, but if a new one isn't found by December 31, the brand will be wound down just like Sa…
Last reply by NewsFeeder, -
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GM close to deciding Saab buyer; Spyker favored WIRE REPORTS AUTOMOTIVE NEWS DECEMBER 10, 2009 - 11:07 AM ET MUNICH -- General Motors Co. is close to deciding which of Saab's bidders will proceed to final negotiations, Swedish news agency TT reported, citing a source. The report said the buyer which GM is leaning toward has experience in car production on a small scale and that it plans to run a full-scale car production line including design and development in Sweden. It said the preferred buyer is one of the groups already mentioned in the press, and that all in all, TT said, this pointed to Spyker as a favorite. Saab spokesman Eric Geers declined to comment on…
Last reply by Blake Noble, -
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Spyker still interested in Saab; unaware of Swedish gov't deadline DECEMBER 10, 2009 13:01 CET AMSTERDAM (Reuters) -- Dutch sports car maker Spyker Cars N.V. remains interested in buying Swedish automaker Saab from parent General Motors Co. and is not aware of any deadlines imposed on the process, a spokesman for Spyker said. Spyker first said on Dec. 2 it is interested in Saab, which GM is scrambling to sell after a deal with Swedish firm Koenigsegg Group AB collapsed. GM has said it would keep taking offers for Saab through the end of the year and close the money-losing automaker if it appears it can not be sold. But Swedish daily Svenska Dagbladet reported on Thur…
Last reply by Croc, -
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Sweden urges GM to speed up Saab sale decision, paper reports DECEMBER 10, 2009 09:46 CET STOCKHOLM (Reuters) -- General Motors Co. will need to decide this week whether to sell its money-losing Swedish car unit Saab, daily Svenska Dagbladet quoted the Nordic government's car czar saying on Thursday. GM said at the start of this month it would consider offers for its Saab brand until the end of the month and move to close the Swedish unit then if it appears that it cannot be sold. "They must at least have chosen one of the interested parties this week, otherwise it will be tough to complete a deal," the paper quoted Joran Hagglund, state secretary at Sweden's Enterpri…
Last reply by NINETY EIGHT REGENCY, -
Saab, Hummer distributor stops imports while fate of companies decided by GM 8 December 2009 By JAMES STANFORD THE GM Premium Brands Australian division has been paralysed by uncertainty and may have imported its last vehicle. Distributing Saab and Hummer, the GM Holden arm has not imported any vehicles since the middle of this year, and its dealers are simply running down existing stock with no clue as to when, or if, any more vehicles will ever come. VFACTS data shows Saab sold just seven cars in Australia in November, up on the six cars it sold in September. Hummer sold just 12 units in November and seven cars in October. Saab’s future is unclear after last mont…
Last reply by A Horse With No Name, -
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GM in talks on partial Saab sale to Beijing Auto, sources say Move could threaten more than 3,000 Saab jobs in Sweden DECEMBER 8, 2009 06:01 CET NEW YORK/DETROIT (Reuters) -- General Motors Co. is talking to Beijing Automotive Industry Holding Corp. (BAIC), China's fifth-largest automaker, about a partial sale of assets associated with its Saab brand, including tooling and technology, two people with direct knowledge of the discussions said. BAIC has made it clear that it has no interest in acquiring Saab's production hub in Trollhattan, Sweden, according to the people who could not be named because the talks remain private. Under the proposed deal, BAIC, which lacks…
Last reply by NINETY EIGHT REGENCY, -
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Saab wants to avoid BAIC carve-up; hopes buyer can be found DECEMBER 8, 2009 11:46 CET STOCKHOLM (Reuters) -- Saab remains optimistic a buyer can be found for the whole company in the face of indications its owner, General Motors Co., is talking to China's Beijing Automotive Industry Holding Corp. about a partial sale of assets tied to the Swedish brand. BAIC has made clear it has no interest in acquiring Saab's production hub in Trollhattan, Sweden, two sources said on Monday. A move by BAIC to acquire tools and technology for an older generation of Saab cars for production in China could result in a liquidation of other assets held by the brand, threatening more tha…
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