F1 supremo and partner Genii Capital gather resources
11 January 2010

F1 boss Bernie Ecclestone and investment company Genii Capital are reported to be gathering finance to prove to GM they can fund the purchase of Saab.

Swedish daily newspaper Dagens Industri reports that Ecclestone and Genii are depositing '500 million to one billion' crowns (£56m to £112m) in an account, in order to convince GM that their bid for Saab is serious.

"I have had contacts with GM, who have given us a deadline of the beginning of this week, which I interpret as Monday through Wednesday," Genii spokesman Lars Carlstrom said.

Carlstrom added that, in addition to the cash sum, a buyer must be able to show it doesn't need a loan from the European Investment Bank.

"That is an absolute condition from GM's side and one of the keys to being able to buy Saab," Carlstrom said. "No one knows if the EIB would agree such a loan."

Reports suggest GM wants potential buyers to demonstrate they have £1.1bn to invest in Saab in the long-term, including £125-£250m in cash for immediate investment.

However, it remains uncertain that GM will sell Saab, with a GM Europe source telling Autocar at the weekend that the company had already booked shipping to transport tooling for the new Saab 9-5 to its Buick production facility in China.

'Saab closure decided' - report

Twitter - follow autocar.co.ukSee all the latest Saab reviews, news and video

Join the debate

Comments
5

11 January 2010

I find it infuriating that GM are concerned about selling SAAB to a company who may not be up to the job of running it properly. According to Bob (I don't know when to keep my mouth shut) Lutz, GM is concerned that SAAB falling into the wrong company could spell a potential back lash of law suits if SAAB goes under.

Is it just me or is GM the culprit in that department. It's amazing how any thing said by GM about SAAB is completely detrimental. They either say the company is being wound down of is a waste of money. But want huge amounts of cash if someone wants to buy the brand???? Frkkin idiots the lot of them!

11 January 2010

The situation here is clear. GM do not want to continue making cars in Sweden. The 'consideration of offers to buy' is window dressing.
Making the new Saabs in China will increase profits. Dressing them as Buicks will increase volumes. When the little guys from Saab got into bed with the big bad wolf from Detroit they must have known that this was one likely scenario. I have great sympathy for the Swedish workers, but in my view this outcome was inevitable at some time. I just hope that GM China see sense in launching the original Saab designs, and sell them here, so that we can continue to enjoy Saabs.

11 January 2010

It's very true, and I completely agree, when everyone has to say that GM is being very arrogant, and has been showing double standards. Selfish lot they are. Never gonna buy a GM...i've been a saab owner for 2 years. Perhaps they just don't want to sell it, and are just creating a show.....maybe they don't want Saab's technology and the new 9-5 to fall into anyone's hands....

11 January 2010

Go Bernie - Ed Whitacre said 'it's real simple, show me the cash' - well, take him on, expose the double talk whereby GM would rather close Saab and flog the plant and noew models to China, Buick whoever. There are 5 viable bids on the table, at least 2 of which are cash, no excuses GM!!!

11 January 2010

just so people are aware. GM don't need to 'turn' the 9-5 into a Buick because the Buick La Crosse is the almost the same car. SAAB have engineered the 9-5 slightly different which would still fit the Buick. SAIC are already building the La Crosse the extra tooling will just help increase production there.

Like the coment about GM don't want to build cars in Sweden anymore. They don't need to just sell the figgin brand and factory and problem solved.

Considering GM thought they could re-badge an Impreza and call it a SAAB. I wouldn't put it beyond them to think that can close SAAB's home base and start building them in China. If they do I'm sure it will be followed by yet more negativity and a scratching of heads why the plan didn't work.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK
  • Volvo V90
    First Drive
    19 October 2017
    The Volvo V90 is a big estate ploughing its own furrow. We’re about to see if it is refreshing or misguided