Four bidders emerge for Saab; GM's board to meet tomorrow
7 January 2010

GM has announced it will delay a board meeting to decide Saab's fate until tomorrow, after it received four last-gasp bids for the Swedish car maker.

GM's board was due to meet today, but postponed its gathering to give it time to mull over the offers. Sources also indicated that, although the board will meet tomorrow, it may not make a final decision on Saab's fate.

Reports suggest the 24 hour delay may have been imposed to give Spyker more time to raise finance for its purchase.

Spyker, the most prominent bidder, is believed to have submitted an improved offer, while two unknown Swedish group are also expected to submit bids.

In addition, Genii Capital, a Luxembourg-based private investment firm, has informed the Swedish government that it intends to submit a bid for Saab. Genii recently took a 75 per cent stake in the Renault F1 team.

“It is a true opportunity and we’re surprised that more investors haven’t identified this opportunity,” a Genii spokesman said. He added that Luxembourg-based Genii “loves brands and Saab is a strong brand on the same level as Porsche and BMW.”

Reports suggest Genii's bid is based on the same business plan as submitted by original bidder Koenigsegg.

GM CEO Ed Whitacre said earlier that he didn’t expect a deal for Saab to be completed. “Just show up with the money and you can have it [Saab], but nobody's showing up with the money,” he said. “I think we've done everything humanly possible.”

Keep checking autocar.co.uk tonight and tomorrow for the latest news on the future of Saab.

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Comments
44

7 January 2010

GM - for the sake of the workers - SELL SELL SELL... and keep the SAAB brank alive.

7 January 2010

I can't stand GM for what they're putting SAAB's workers, customers and admirers through. They're showing themselves to be an embarrassment, just like they did with the Opel/Vauxhall spectacle.

7 January 2010

[quote Autocar]Genii Capital, a Swiss based private investment firm[/quote]

they're Luxembourg based.

7 January 2010

Interesting - late entrant or public face of the MBO? next few days will be critical - Swedish Govnt guarantee over the EIB loans seems to be only stumbling block to getting this deal signed with one of the apparently now 4 bidders!

7 January 2010

Latest via comments in Saabsunited.com- it seems CvKonigsegg is behind Genii offer!

7 January 2010

the swedish goverment should hang the american ambassador

www.KOOOLcr.com

 

7 January 2010

news update again via www.saabsunited.com

GENII is working with Bernie Eccelstone with SAAB bid

11 January 2010

[quote saaby]

Latest via comments in Saabsunited.com- it seems CvKonigsegg is behind Genii offer!

[/quote] Cobblers of course, unverified speculation, but hey, it's still nailbiting stuff.

Real question now is whether, with 5 FIVE bids on the table, GM can find the excuses NOT to sell Saab? www.saabsunited.com

18 January 2010

I was just about to start a new SAAB thread after the previous one was deleted due to the rants of a tat-loving troll, when I noticed this one back in the list.

I have a 9-5 HOT Aero 250 Estate and I have to say it is the most spectacular car. Granted, it is based on a distinctly underwhelming platform (a fact borne out by the unbelievable torque steer) but it is simply brilliant to drive. I love the fact that it is not ubiquitous in any way and I love the fact that, after almost 90k miles, the interior is almost as new (apart from the obvious info display issues- easily fixed).

If SAAB can create a car like this using a platform from an old Vectra, just imagine what they can do with proper investment. The fact that there are still so many 10+ year old GM SAAB's with monster miles doing the rounds is also testament to the sheer potential offered by SAAB.

18 January 2010

[quote supermanuel]

I was just about to start a new SAAB thread after the previous one was deleted due to the rants of a tat-loving troll, when I noticed this one back in the list.

[/quote]

Hyundaismoke's account has been removed so no more rant's.

I still say the new 95 could be a real winner for Saab and put it back on the top buying list. It has the looks and from intial reviews the potential to be up ther with the Audi A6 and BMW 5 Series and even the supurb Jaguar XF. All Saab neds to do is uttilise the same platform shortened and maybe use the same Seats, engines, drivetrain to reduce costs with a new body and dash and hey presto a new 93 sound simple on paper but is costly, but along with the new 95 Saab needs a new 93 to survive.

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