Volvo & Saab Sale Thread

[ZicZachZo]

If someone buys Saab and wants to try to recreate what was quirky and cool about Saabs maybe it will work, who knows. I don't think that GM would want to do that though. Maybe a smaller company would. The new 9-5 looks really good to me, even if it is an Opel underneath it all.

 

[Centurion]

If someone buys Saab and wants to try to recreate what was quirky and cool about Saabs maybe it will work, who knows. I don't think that GM would want to do that though. Maybe a smaller company would. The new 9-5 looks really good to me, even if it is an Opel underneath it all.

Giving the 9-5 green light is a waste of money, it's won't sell. There is no hope for SAAB, and the chances of survival without the support of a giant corporation like VAG, Daimler, BMW AG or Toyota, SAAB will impossibally be able to progress.

Their current fleet of two cars is silly. What's needed in an SUV, roadster, sports car and a four door coupe. Currently Volvo and SAAB's line-ups are as interesting as a bowl of cereal. Their cautious and conservative product strategy is what has brought them down.

 

[Bartek S.]

Bernie Ecclestone tied to late-breaking Genii Capital bid for Saab

Jan. 8 (Bloomberg) -- Formula One tycoon Bernie Ecclestone and partner Genii Capital emerged as a rival to Dutch super-car maker Spyker Cars NV as both groups made last-ditch efforts to buy General Motors Co.’s Saab unit.
Genii Capital, the Luxembourg-based private-equity firm that agreed to acquire a majority stake in Renault SA’s F1 team last month, submitted a cash offer before a 5 p.m. deadline in New York yesterday, said Lars Carlstroem, the Swedish investor who is working with Genii. Spyker put in a revised bid, Chief Executive Officer Victor Muller told Bloomberg News.

bloomberg

 

[Mr Robert]

Latest news here in Sweden tells us that GM has accepted the bid by Spyker for SAAB.

Dutch Spyker Cars purchase of Saab Automobile from GM is now clear, said SVT Rapport.

European Investment Bank has supposedly said yes to the loan.

The government holds an extraordinary Cabinet meeting at 14:30 to decide whether it will provide a guarantee for the loan, said SVT.
Spyker is expected to hold press conference in Stockholm later today, and GM is expected to confirm the sale in the late afternoon.

http://translate.google.se/translat...ab-klart_4147815.svd&sl=sv&tl=en&hl=&ie=UTF-8

 

[klier]

I've heard some rumors in the mdeia here as well...maybe they're actually going to pull it iff, I would have never imagined!

 

[bmer]

No deal yet.

GM says in talks with Spyker, no Saab deal | Reuters

Genii/Ecclestone are out, only Spyker left:

Genii Capital drops out of Saab race​

BRUSSELS (AFP) - Luxembourg investment firm Genii Capital -- which was backing Formula One boss Bernie Ecclestone's bid to buy Saab from General Motors -- on Monday said it was dropping out of the race.

"Genii Capital concluded today that the timing of the bidding process for Saab is incompatible with implementing a solid business platform for the future," it said in a statement.

http://www.swedishwire.com/business/2538-genii-capital-drops-out-of-saab-race

 

[Mr Robert]

This will be settled within days now.

 

[bmer]

Apparently there is a conference call booked for Saab personnel tomorrow but the topic of the call is not known.

 

[Mr Robert]

The story continues as trade of the Spyker stock now has been halted on the Euronext in anticipation of a press release.

Trading in Spyker halted on Dutch exchange - The Local

 

[Mr Robert]

Spyker buys Saab from GM - The Local

Spyker purchases SAAB

 

[Mr Robert]

Further information from Bloomberg
GM Agrees to Sell Saab Brand to Dutch Luxury-Car Maker Spyker - Bloomberg.com

 

[Mr Robert]

There will be a press conference at 19:15 Swedish time (that is GMT+1/CET).

 

[Centurion]

I fail to see what Spyker can do for SAAB except for savlaging it for components to developing new Spyker cars.

 

[bmer]

Live webcast from the press conference: GM: Spyker får köpa Saab - Nyhetskanalen.se - Sveriges nyhetskanal på nätet - nyhetskanalen.se

Press release:

GM Reaches Agreement to Sell Saab to Spyker

2010-01-26

DETROIT - General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.

"General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

"Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand," added Nick Reilly, president, GM Europe. "We've worked with many parties over the past year, including governments and investors, and I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward."

 

[bmer]

Let's hope this sticks longer than the previous sale to Koenigsegg. Spyker is buying a company 30 times its size.

 

[Merc1]

Great news if it holds up. I'd like to see the new 9-5 in person.

M

 

[klier]

Yep, I just hear it on the local news, it's official.

The new company will be called Saab Spyker and will hopefully be a very succesful Swedish-Dutch car company. I wish them all the best!
Maybe they can sign a contract with BMW for a lot of previous gen tech, that would be incredible. The next gen 9-3 could be based on the old (then) E90 platform

 

[bmer]

Maybe they can sign a contract with BMW for a lot of previous gen tech, that would be incredible. The next gen 9-3 could be based on the old (then) E90 platform

Most likely not. GM will still be a large owner in the new Saab Spyker. Victor Muller also underlined the importance of genuine Saab products:

“If anything has gone wrong, it’s that Saab has lost its own DNA, to some extent. People were interested in buying a Saab Saab, not an Opel Saab. The Saab buyers, if they wanted to buy an Opel, they would have bought an Opel.”

 

[bmer]

The deal to sell Volvo to Geely to be signed on February 8th?

Geely May Buy Volvo for USD1.8bn at Most

Posted on: Mon, 25 Jan 2010 06:47:14 EST

HANGHZOU, Jan 25, 2010 (SinoCast Daily Business Beat via COMTEX) --

China's Geely Holding Group Co. amd US automobile giant Ford Motor Co. are almost completing the talks about the acquisition of Volvo, and both sides agree to sign the deal on February 8, said sources.

The deal will be worth not more than USD 1.8 billion or even less than USD 1.6 billion, compared with USD 6.45 billion that the US auto giant spent on the purchase of the Swedish automaker in 1999, they added.

Geely will obtain Volvo assets valued at more than USD 1.5 billion in net, disclosed the sources, adding that Chinese regulators, such as the National Development and Reform Commission (NDRC), supported the deal and some Chinese officials would soon head to Sweden to discuss about the support for the deal.

In late 2009, Geely and Ford reached accord upon all the important business issue upon the acquisition of Volvo. The items include the investment plan, operation, management, intellectual property right, and payment mode. But the acquisition is still subject to regulatory approval, and the final settlement is forecast be made in the second quarter of 2010, told earlier reports.

Moreover, a Geely executive confirmed that a Volvo factory would be built in China. Earlier reports even told that the Geely Volvo project would be located in Yizhuang, Beijing.

Analysts guessed that the XC60 would possibly become the first Volvo model that Geely produces in China. The SUV model, graded the same as the Audi Q5 and the BMW X3, became the most popular Volvo product with a global sales volume of 62,000 in 2009.

Full news article: Geely May Buy Volvo for USD1.8bn at Most | TradingMarkets.com

 

[Giannis]

Ferbruary 8 is my birthday. I hope I get a better present, than my car becoming chinese.