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.

Monday, April 30, 2012

Saab sale negotiations in May

In between my newly found obsession with the Hurtigruten and my Sonett, here are two short notes about Saab.

There hasn't been much breaking news lately, but Swedish Radio reported a few days ago that the bankruptcy administrators have invited the bidders to final negotiation in May. A source said that they hope to reach a deal by the end of May, but that it is not likely that all details have been worked through by then. Anyway, looks like the coming month will be decisive.

The second piece of news is that Spyker (previously know as Swedish Automobile) made a huge profit in 2011. Spyker was of course the parent company of Saab Automobile, and despite its subsidiary (which was 99 % of Spyker's business) going bankrupt, the parent company made a EUR 16.2 million profit. Sounds unbelievable doesn't it? According to Victor Muller, one of the reasons is that the preference shares GM held in Saab was earlier accounted as debt, and now this debt is gone due to the bankruptcy. The whole explanation can be read in the financial statement for 2011 which Spyker will publish later today. For anyone interested I recommend visiting