IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Friday, January 27, 2012

Chinese arriving Monday to place bid, Turkish bid only days away

Swedish Radio P4 Väst reports that a large delegation from Chinese Youngman is expected to Sweden on Monday to present a bid on Saab. At the same time Turkish company Brightwell is reported to be only days away from also placing bid on Saab.

The Chinese delegation is expected to include the whole management of Youngman including Chairman of the board and founder of Youngman Mr. Pang Qingnian. The purpose of the visit is to place a bid on the entire Saab operating, a bid which is to presented to the Saab bankruptcy administrators on Monday.

But the Chinese will not be alone. Radio P4 Väst reports that also Mahindra & Mahindra of India has now spent several days in Sweden getting an overview of the Saab operations.

"It will be a thrilling fight between Youngman and Mahindra on who will finally buy the bankruptcy estate," a source said to Radio P4 Väst.

But not even the Chinese and the Indian suitors are alone. Also Turkish Brightwell Holdings is getting ready to place a bid on Saab.

According to Zamier Ahmed, who is board member of Brightwell Holdings, the Turkish private-equity firm is only days away from placing a bid.

"We are just a few days, maybe a week away. This is due to certain final valuations ​​that must be done. This has been an enormous task, given Saab's size, assets and all the people involved," said Zamier Ahmed to

We're now moving rather quickly towards a decision, which means that the administrators eventually will ask for bids from the parties, whoever they are, and make a decisions based on the bids," Ahmed said.

Brightwell has not given up on persuading GM to keep licensing the needed technology to Saab so that Saab can continue producing the new current Saab cars.

"If GM will continuing to licensing their technology, we can begin production within weeks. But if GM, in the worst case scenario do not want to go that route, it does not mean that we are not interested in Saab," said Zamier Ahmed.

Ahmed also said that Brightwell Holdings could still produce cars since the investment company has its own vehicle platform.

"Since we have our own platform, it is not over optimistic. It has been developed internally by one of the companies owned by Brightwell Holdings," said Zamier Ahmed without revealing any more details.

Ahmed also said that he this weekend will travel to Detroit, but he would not say if it is to meet GM.