Jump to content

BREAKING: GM reportedly delays board meeting as new Swedish bidders emerge for Saab


Recommended Posts

Filed under: Government/Legal, Earnings/Financials

Saab: A history in pictures - Click above for high-res gallery

Just when we thought the financial soap opera surrounding Saab couldn't get any more convoluted or tortured, it has. Bloomberg is reporting that General Motors has once again delayed a meeting planned for today to determine the Swedish automaker's fate. The gathering will now take place tomorrow, in part because a new bidder has entered the fray, Genii Capital, the private-equity group that purchased Renault's Formula One team just last month. According to the report, Genii intends to make a cash automaker for the brand, and it plans to use the business plan of an earlier bidder, Koenigsegg, as a roadmap to getting Saab into the black by 2012 with just 105,000 units per year.

For his part, interim GM chief executive officer Ed Whitacre told reporters yesterday that he isn't optimistic about consummating a sale, remarking that nobody has yet stepped up to offer the necessary funds for Saab: "It's real easy - show up with the money and you can have it." Naturally, such statements might also be designed to increase the size of the bids, and that statement may have come before Whitacre was made aware of Genii entering the fray, but we digress...

Of course, Spyker Cars, the bidder for whom the deadline was originally extended until today, is still very much in the mix, but there are also new rumors of yet another Swedish group making a last-last-minute play for the brand. More as it happens...

[sources: Bloomberg, Reuters via The New York Times, SaabsUnited]

BREAKING: GM reportedly delays board meeting as new Swedish bidders emerge for Saab originally appeared on Autoblog on Thu, 07 Jan 2010 12:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments


autoblog?i=FQ6ATHGWbzQ:ROapGnCswv4:wF9xT autoblog?i=FQ6ATHGWbzQ:ROapGnCswv4:V_sGL

View the full article
Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

About us

CheersandGears.com - Founded 2001

We  Cars

Get in touch

Follow us

Recent tweets


  • Create New...