Ed Whitacre says no party has yet come forward with the finance needed to buy Saab
7 January 2010

General Motors CEO Ed Whitacre says a deal to save Saab from extinction is unlikely to be completed, despite reports claiming two unknown Swedish groups have made 11th-hour bids to save it.

Whitacre said no party had come forward with the necessary funding to buy and restructure Saab. He also revealed that GM had done “everything humanly possible” to sell Saab.

“It's real easy,” he told Reuters. “Just show up with the money and you can have it [Saab], but nobody's showing up with the money. I think we've done everything humanly possible.”

Dutch sports car manufacturer Spyker was previously the only firm known to have submitted a bid for Saab ahead of today’s 4pm deadline, but Swedish newspaper Dagens Industri said two new parties were likely to submit bids before the time expires.

Sweden's state secretary for industry, Joran Hagglund, told the paper that three parties had expressed an interest in Saab and two were likely to follow this up with bids.

“We have had contacts with several different groups since the 18 December, among them three from Sweden," said Hagglund. "I should think that at least two of them will submit bids to General Motors during Thursday.

“The problem is that none of them can show that they have financing in place.”

Hagglund also revealed that Koenigsegg, which had originally bid for Saab before the deal collapsed, had not renewed its interest. The Swedish government is set to meet GM bosses next Tuesday to discuss Saab's future.

Whitacre said if no suitable bid was received before the deadline, an orderly closure of Saab would begin.

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7

7 January 2010

[quote Autocar]Whitacre said no party had come forward with the necessary funding to buy and restructure Saab. He also revealed that GM had done “everything humanly possible” to sell Saab.[/quote] Er well that's a bit of an overstatement - more like they've done barely anything, they were going to shut them down when there were still possible deals to be had! It's a complete joke, and GM just want to make money out of the sell, which is why I think whatever amount is being offered, isn't enough. As I always say, I hope something can be worked out here.

"The creative adult is the child who survived."

7 January 2010

I don't think its the case that they want to make money from the sale. I think it's more likely that they're trying to keep their losses under control. In addition, they don't want an MG Rover situation on their hands where they sell the Company, find that the Purchaser hasn't got enough money to keep it afloat, then watch as the Directors pay themselves huge bonuses and sell what's left to the Chinese for peanuts.

It's amazing how much uproar there has been about SAAB closing. If as many people that are moaning had bought the cars SAAB wouldn't be in this position. Quirky is great but look where it gets them.

A "SAABs are great cars - we must keep them going"

B "What do you drive?"

A "An Audi...."

7 January 2010

Maybe Some of the people who have shown a bit of sympathy for SAAB over the past months, might consider one for their next purchase. It usually takes something big to make a change and if SAAB does end up in new hands, who knows.

News Just in from www.saabsunited.com

According to a Saab insider, Luxembourg based company GENII has submitted a bid to GM for the purchase of SAAB. GENII has recently bought the F1 team that will work in partnership with Renault for the 2010 season.

let's face it guys, you have to admit that the comments surrounding the SAAB affair have surged peoples emotions slightly. SAAB is a brand you can actually get passionate about regardless of whether it's negative or positive.

7 January 2010

SAAB have being going downhill since they stopped making two strokes...

LOL!

(Actually, they've been freewheeling downhill)

7 January 2010

GM should just keep Saab. The brand is a goldmine. It is also GM's only upmarket brand in Europe and "import" in the US. But hey, it's GM, they just don't "get it" do they?

All the money they poured into Cadillac's reintroduction in Europe to sell a few thousand cars, what an absolute waste. Saab could have been the automotive equivalent of Apple. Now they're just going to junk the whole thing. Thanks GM... We love faceless world companies...

7 January 2010

[quote Autocar]“It's real easy,” he told Reuters. “Just show up with the money and you can have it [/quote]

that's a lie. Spyker showed up with the money and were told to go and auto fornicate. Magna showed up with the money and were told to... you can guess. Common denominator? - Whitacre wouldn't sell to an outfit with Russian money backing. So, please, stop the bullsh!t Whitacre, about it's just a case of meeting the asking price.

Second, I suspect the real intention of GM is to get the windfall of carbon credits from shutting down Saab. Like Tata wih the Corus steel plant at Redcar they could be in line for substantial carbon credits by shutting a CO2 producer. The Redcar steel plant closure was reportedly worth hundreds of millions of pounds to Tata so a closure of Saab would almost certainly outweigh the amount of money a trade sale as a going concern would bring them. Time will tell.

7 January 2010

[quote Autocar]“It's real easy,” he told Reuters. “Just show up with the money and you can have it [Saab], and nobody's showing up with the money. I think we've done everything humanly possible.”[/quote]

Wow - did the guy really say that, on record?! Unbelievably crass, even as a negotiation ploy, especially to add "everything humanly possible" in the very next line.

GM's stewardship of Saab has always been about the money - the lack of it for new models over a generation - and they're now tossing the emaciated remnants (workers, dealers, customers, fans & all) on the garbage heap because "nobody's showing up with the money".

Sell it for one buck - at least give someone else half a chance to show you what you can do with a 'different', quirky brand which completely passed you by for a decade, and which thousands of people (God love 'em) still have affection for.

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