Saab Delays Board Meeting as Spyker, Genii Plan to Submit Bids
Saab Automobile AB, the Swedish carmaker being wound down by General Motors Co., postponed a board meeting as bidders including Spyker Cars NV are making last-ditch efforts to buy the brand. The gathering, originally set for today, will take place tomorrow and examine whether or how Saab will restart production Jan. 11 after a four-week break, board member Haakan Danielsson said an interview. Board members may also discuss any possible new bids for Saab, he said.
GM has extended a deadline for Saab bids until today, giving Spyker more time to come up with financing for its offer, people familiar with the matter have said. Genii Capital, a private-equity firm that agreed to buy a majority stake in Renault SA’s Formula One team last month, intends to hand in a cash offer today, according to spokesman Lars Carlstroem.
“It is a true opportunity and we’re surprised that more investors haven’t identified this opportunity,” Carlstroem said in an interview. Luxembourg-based Genii “loves brands and Saab is a strong brand on the same level as Porsche and BMW.”
Detroit-based GM is proceeding with its decision to close Saab, Chief Executive Officer Ed Whitacre told a roundtable of reporters yesterday. No qualified buyer has emerged, he said, and GM doesn’t foresee a sale.
“It’s real easy -- show up with the money and you can have it,” Whitacre said when asked whether GM had made a good-faith effort to sell Saab
Spyker, Genii
Genii plans to use former bidder Koenigsegg Group AB’s business plan for Saab and make the automaker profitable by 2012 with production of 105,000 vehicles a year, Carlstroem said.
The Saab brand is among four, with Pontiac, Saturn and Hummer, being sold or shut as GM focuses on Chevrolet, Buick, GMC and Cadillac in the U.S. after its July 10 bankruptcy exit.
Saab’s board could be dissolved as early as tomorrow as the wind-down process begins, a person familiar with the matter said. Even so, GM could still decide to accept a bid, the person said.
The failed initial talks with Spyker marked the second time efforts faltered to sell Saab. Swedish sports-car maker Koenigsegg, which had backing from Beijing Automotive Industry Holding Co., walked away from a deal in November. Beijing Auto paid $200 million to buy some car technologies from Saab to use in its own vehicles.
Saab Enthusiasts
“We have customers who have ordered cars, especially the 9-3” model, Saab board member Danielsson, who is also head of Trollhaettan, Sweden-based Saab’s engineering union, said in a telephone interview. “We have the materials and we’ll just go out and build the cars unless we hear differently.”
Danielsson said that Saab board members have not received an agenda for tomorrow’s meeting.
About 50 Saab enthusiasts in around 35 vehicles gathered outside GM’s headquarters on Jan. 5 to appeal to the carmaker to sell its Swedish brand to Spyker or one of the other potential bidders, according to organizer Ryan Emge.
“What we need now is for GM to sell Saab so that they can get back to selling cars again,” said Emge, who operates the Saab History Web Site from Portland, Maine. No enthusiasts had rallied for the other car brands GM is shedding, he said.
Saab sales in the U.S. slumped 59 percent to 8,680 vehicles last year. European deliveries through November also fell 59 percent to 25,093 cars.
Source: Saab Delays Board Meeting as Spyker, Genii Plan to Submit Bids
GM has extended a deadline for Saab bids until today, giving Spyker more time to come up with financing for its offer, people familiar with the matter have said. Genii Capital, a private-equity firm that agreed to buy a majority stake in Renault SA’s Formula One team last month, intends to hand in a cash offer today, according to spokesman Lars Carlstroem.
“It is a true opportunity and we’re surprised that more investors haven’t identified this opportunity,” Carlstroem said in an interview. Luxembourg-based Genii “loves brands and Saab is a strong brand on the same level as Porsche and BMW.”
Detroit-based GM is proceeding with its decision to close Saab, Chief Executive Officer Ed Whitacre told a roundtable of reporters yesterday. No qualified buyer has emerged, he said, and GM doesn’t foresee a sale.
“It’s real easy -- show up with the money and you can have it,” Whitacre said when asked whether GM had made a good-faith effort to sell Saab
Spyker, Genii
Genii plans to use former bidder Koenigsegg Group AB’s business plan for Saab and make the automaker profitable by 2012 with production of 105,000 vehicles a year, Carlstroem said.
The Saab brand is among four, with Pontiac, Saturn and Hummer, being sold or shut as GM focuses on Chevrolet, Buick, GMC and Cadillac in the U.S. after its July 10 bankruptcy exit.
Saab’s board could be dissolved as early as tomorrow as the wind-down process begins, a person familiar with the matter said. Even so, GM could still decide to accept a bid, the person said.
The failed initial talks with Spyker marked the second time efforts faltered to sell Saab. Swedish sports-car maker Koenigsegg, which had backing from Beijing Automotive Industry Holding Co., walked away from a deal in November. Beijing Auto paid $200 million to buy some car technologies from Saab to use in its own vehicles.
Saab Enthusiasts
“We have customers who have ordered cars, especially the 9-3” model, Saab board member Danielsson, who is also head of Trollhaettan, Sweden-based Saab’s engineering union, said in a telephone interview. “We have the materials and we’ll just go out and build the cars unless we hear differently.”
Danielsson said that Saab board members have not received an agenda for tomorrow’s meeting.
About 50 Saab enthusiasts in around 35 vehicles gathered outside GM’s headquarters on Jan. 5 to appeal to the carmaker to sell its Swedish brand to Spyker or one of the other potential bidders, according to organizer Ryan Emge.
“What we need now is for GM to sell Saab so that they can get back to selling cars again,” said Emge, who operates the Saab History Web Site from Portland, Maine. No enthusiasts had rallied for the other car brands GM is shedding, he said.
Saab sales in the U.S. slumped 59 percent to 8,680 vehicles last year. European deliveries through November also fell 59 percent to 25,093 cars.
Source: Saab Delays Board Meeting as Spyker, Genii Plan to Submit Bids
