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How we got here: Pivotal events in Saab's recent history


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How we got here: Pivotal events in Saab's recent history

January 8, 2010 06:01 CET

(Reuters) -- Saab's future remains unclear as parent General Motors Co. considers last-ditch bids from Sweden and the Netherlands. While the bidders are reviewed, GM says it will start winding down the 60-year-old automaker. It has been a very busy year for Saab, in which GM took a 100 percent ownership stake in 2000. Here's a look back at the key events:

Jan. 11, 2009 -- GM says it has been in talks to sell Saab.

Jan. 12 -- Sweden says it will not take a stake in Saab or give more aid.

Feb. 20 -- A Swedish court grants Saab protection from creditors as it tries to find a new partner and raise fresh funds.

Feb. 23 -- Sweden says it can guarantee a European Investment Bank loan to Saab if a new owner emerges that can cover half the necessary financing.

Aug. 18 -- Sweden's Koenigsegg Group AB agrees to terms with GM on a deal to buy Saab.

Sept. 9 -- Chinese state-run company Beijing Automotive Industry Holdings Co. (BAIC) inks deal to take a minority stake in Koenigsegg as part of the deal to buy Saab.

Nov. 24 -- Koenigsegg says it has pulled out of talks to buy Saab. Sweden effectively rules out a state bailout.

Nov. 25 -- BAIC says it is reviewing its options.

Nov. 27 -- GM says it is talking to possible buyers of Saab, four days before a GM board meeting considers whether to attempt to revive a sale process or close the 60-year-old firm.

Dec. 1 -- GM board says it will consider offers on the brand until the end of December and will then decide whether to close Saab if it appears the unit cannot be sold.

Dec. 7 -- GM in talks with BAIC about a partial sale of Saab assets, including tooling and technology.

Dec. 14 -- BAIC says it has acquired some Saab assets, including intellectual property for the 9-5 and 9-3 model platforms and some production equipment.

Dec. 18 -- GM says it will start an orderly wind-down of Saab, saying the Spyker deal could not be completed in reasonable time.

Dec. 20 -- Spyker submits a new, fast-track bid for Saab and, separately, GM says it will evaluate several new expressions of interest.

Dec. 30 -- GM extends a Dec. 31 deadline for bids for Saab, which will restart production lines in January after a shutdown, Saab says. Spyker CEO Victor Muller says GM has extended the deadline for a final offer from the Dutch carmaker until Jan. 7.

Jan. 4, 2010 -- Spyker says it will submit a final bid for Saab assets.

Jan. 7, 2010 -- Spyker submits an improved bid for Saab. Reports say Luxembourg-based investment firm Genii Capital had made a bid for Saab and that two Swedish groups also have placed bids. GM says it continues to receive and evaluate proposals for Saab.

Sources: Reuters/ www.saabusa.com

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100108/ANE/301089983/1193#ixzz0c2IWd4EO

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