Autoblog: Saab maybe bought by.... Koenigsegg?

*bumpety*

It looks like it's actually happening!

US automotive giant General Motors has confirmed that it has signed a stock purchase agreement with the Koenigsegg Group regarding the sale of Saab Automobile to the Swedish-led consortium.

GM said it expected the deal to conclude in the next few months.

"The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government,? said Carl-Peter Forster, president of GM Europe, in a statement.

As part of the proposed transaction, GM and Saab will continue to share technology and services during a defined time period. This will be managed through licenses and service agreements.

The deal was confirmed by the Koenigsegg Group who announced that they expected an agreement within the month.

"We have now concluded another important step in realizing the great potential of Saab," said Christian von Koenigsegg, CEO of Koenigsegg Group.

Saab Automobile welcomed the news in a press release on Tuesday morning.

"This is excellent news for everyone connected to Saab around the globe. This is an important step to secure jobs and our long-term future as a Swedish carmaker," said Jan ?ke Jonsson, Managing Director of Saab.

Jonsson promised that the manufacture of the new Saab 9-3X would commence already in August.

"Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it 'sustainable' by making it profitable," Christian von Koenigsegg confirmed.

J?ran H?gglund, under-secretary of state at the ministry of enterprise, was satisfied that Saab's ownership issue had been cleared up.

"But there remains several steps before it is finalized. Koenigsegg Group has to come up with additional private capital, renegotiate loans with the European Investment Bank (EIB) and reach agreement with the National Debt Office over the conditions of any state guarantees. For all this the approval of the European Commission is also required."

Saab Automobile's reconstruction began in February when the firm's owners General Motors announced that it would cut off support to Saab by the end of the year.

According to a ruling in V?nersborg district court the process should be completed on Thursday.

If the deal between GM and the Koenigsegg Group were not to be completed by then the companies are entitled to apply for an extension.

The stock purchase agreement that has now been signed could mean that Saab Automobile can come out of reconstruction which has meant relief on 75 percent of its debt.

But much of the outstanding finance remains an issue to be solved. Saab's application for loans from the EIB require significant state loan guarantees and negotiations with the National Debt Office are on going. The government must give its blessing to the business plan.

The board of the EIB is scheduled to deal with Saab's application on September 22nd.
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I'm sure Maud will screw it up somehow. She's good at that.
(Maud is our enterprise minister, known for the fact that all her own enterprises have gone bankrupt. Yes I too wonder how she got her job.)
 
Judging by her picture, it wasn't via the 'casting couch'.

Looks like you had your own Carly Fiorina there - except unlike Carly, she actually got into a government office.
 
Looks like it won't be happening, Koenigsegg have reportedly pulled out of the deal!

Link

A group headed by Swedish sports car maker Koenigsegg has broken off negotiations over the purchase of Saab Automobile, the prospective buyer said in a statement.

"We regret that, after six months of intensive and goal-oriented work, we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile," said company chief Christian von Koenigsegg.

"The time factor has always been critical to our plan for breathing new life into the company. Unfortunately, delays to the conclusion of the deal have resulted in risks and insecurities that prevent us from successfully implementing the business plan for the new Saab Automobile," he added.

The breakdown comes just two months after Koenigsegg Group brought on Chinese auto company Beijing Automotive Industry Holding Co Ltd (BAIC) to secure the financing needed to buy Saab from General Motors.

According to a memorandum of understanding, BAIC was to be a minority owner in Koenigsegg Group, which would own 100 percent of Saab Automobile.

General Motors said on Tuesday it was "disappointed" that had terminated a deal to
buy its Saab brand.

"We're obviously very disappointed with the decision to pull out of the Saab purchase," GM President and CEO Fritz Henderson said in a statement.

"Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB," Henderson said.

"Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."

GM said the proposed sale of its Swedish mark was "terminated at the discretion of the buyer."
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I have the feeling that GM wants to return to the old way of things now that they have the US tax payer backing them.
 
I don't know that nthey'll return to the 'old way' -- but certainly GM will consider keeping Saab if they can force the types of concessions and loans that Koenigsegg was going to get, much as they want to do with Opel.

GM was able to get local and regional governments to put a price on how they valued the companies. And no that GM doesn't need the quick cash from a short sale -- and could indeed walk away from the assets with little penalty -- they have a very strong bargaining position.

To paraphrase an old saying...the local and regional governments have already said they are prostitutes -- now we are merely negotiating the specific price.

Steve
 
BOOOOOOO!
 
argatoga said:
I have the feeling that GM wants to return to the old way of things now that they have the US tax payer backing them.
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Not in this case - Koenigsegg pulled out, can't blame that on GM or Obama ;)

Was there a general election or something in Sweden in the meantime... that would explain it all...
 
Dr_Grip said:
Not in this case - Koenigsegg pulled out, can't blame that on GM or Obama ;)

Was there a general election or something in Sweden in the meantime... that would explain it all...
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GM could have made unreasonable demands.
 
Dr_Grip said:
Was there a general election or something in Sweden in the meantime... that would explain it all...
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Nope, and all loans are via the EIB anyway.
 
Article said:
Unfortunately, delays to the conclusion of the deal have resulted in risks and insecurities that prevent us from successfully implementing the business plan for the new Saab Automobile
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I blame GM for this, and have decided that instead of the new Camaro, I'll get a GTO. Has everything I like about the Camaro for less money in every aspect, and GM gets no money for it.
 
Yeah, this isn't GM's fault the same way that Opel isn't GM's fault. :rolleyes:

GM needs to die or be broken up. They are just going back to the old ways. They are holding on to overlapping brands and offering to restore dealerships that were trimmed because of overlap and waste.

My tax dollars at work. Screw you, GM.
 
Actually, according to rumor's I've read (we know those are all reliable, right?) Saab probably won't be in the world much longer. I don't honestly think the company is worth saving, seeing as how they haven't turned a profit since 2001 and even GM can't excuse that kind of losses any longer. Some great ideas, but no one's buying them anymore.
 
I wish the 9-5 got a chance. It's just that it wouldn't be a volume seller, even if they got it out on the market.
 
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