This week Turkish Brightwell Holdings decided to call it quits and drop the plan to bid on Saab. Reason being General Motors' reluctance to discuss a continued licensing of its technology to Saab. Now GM with spokesman James Cain says in plain words that Saab is dead to GM.
"We are not discussing with anyone," James Cain of GM told Swedish news agency TT.
"Our contact with Brightwell only concerns several letters they have sent with requests to start a discussion. We answered that we are not interested. There has never been any negotiations or discussions."
When asked why GM did not agree to meet Brightwell, Cain said:
"We stand by our policy not to sell technology licenses to any new owner of Saab."
When asked if not everything in business has a price tag, Cain responded: "Not in this case."
"They [Saab] have had several chances to survive. The business has been in terrible shape for a long time. That's why GM, when we had our own problems, decided to close down Saab. It was not GM's fault that Saab decided to stop pay their suppliers and their employees."
James Cain also revealed that GM was positive to the Russian financier Vladimir Antonov, who now is suspected of financial crimes.
"We had an agreement that had allowed him to invest in the company, but it did not succeed."
One party that does not give a damn about GM is Chinese Zhejiang Youngman Lotus Automobile. The Chinese company has placed an indicative bid of around SEK 2 billion on Saab.
"We have placed a indicative bid. Eventually, we can discuss in more detail exactly what we can buy," said Youngman's founder and owner Pang Qingnian in an interview with SVT.
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
Tuesday, February 28, 2012
Several bids for Saab received by deadline yesterday
Today the Saab bankruptcy administrators held their weekly press briefing and here's a summary.
Both administrators, Hans Bergqvist and Anne-Marie Peotoux, were present at today's briefing. Picture from TTELA.
On the press brief administrator Hans Bergqvist could reveal that they have received several bids by the deadline which was yesterday.
"We had a deadline yesterday for interested parties to submit indicative bids. This means that they had to specify what they want to buy. We have received a number of bids, and there has been febrish activity," Bergqvist told the media.
Bergqvist would not say how many bids which have been placed, but he said that there are bids from both international and Swedish parties.
"We will evaluate the bids and consider how conditions and reservations can be met," said Bergqvist.
"The interested parties at slightly different stages in the process and we will have to wait and see what they have to contribute. If they have what it takes, then they will get the chance, just like the other parties," Bergqvist said.
The administrators also confirmed that one party has withdrawn (Turkish Brightwell yesterday announced that thay have withdrawn from bidding), but would not say if any more parties have dropped out.
"We perceive all indicative bids as well motivated and sufficient for further evaluation."
None of the bids do however cover the debts of the bankruptcy, said administrator Anne-Marie Peotoux.
"We will not comment on the future time table," the administrators said.
The administrators are still aiming at selling Saab as an entire entity.
"We have plan on how to make it happen. But that's not something we want to reveal."
"We are well underway in the process, and not delayed. We have a number of interested parties that are concrete enough so that the conditions for a continuation is good," said Bergqvist.
On the press brief administrator Hans Bergqvist could reveal that they have received several bids by the deadline which was yesterday.
"We had a deadline yesterday for interested parties to submit indicative bids. This means that they had to specify what they want to buy. We have received a number of bids, and there has been febrish activity," Bergqvist told the media.
Bergqvist would not say how many bids which have been placed, but he said that there are bids from both international and Swedish parties.
"We will evaluate the bids and consider how conditions and reservations can be met," said Bergqvist.
"The interested parties at slightly different stages in the process and we will have to wait and see what they have to contribute. If they have what it takes, then they will get the chance, just like the other parties," Bergqvist said.
The administrators also confirmed that one party has withdrawn (Turkish Brightwell yesterday announced that thay have withdrawn from bidding), but would not say if any more parties have dropped out.
"We perceive all indicative bids as well motivated and sufficient for further evaluation."
None of the bids do however cover the debts of the bankruptcy, said administrator Anne-Marie Peotoux.
"We will not comment on the future time table," the administrators said.
The administrators are still aiming at selling Saab as an entire entity.
"We have plan on how to make it happen. But that's not something we want to reveal."
"We are well underway in the process, and not delayed. We have a number of interested parties that are concrete enough so that the conditions for a continuation is good," said Bergqvist.
Turkish Brightwell Holdings out of the race for Saab
Turkish Brightwell Holdings, which has expressed interest in acquiring Saab has decided to call it quits. According to Zamier Ahmed of Brightwell, GM is not willing to cooperate and therefore Brightwell has withdrawn its bid for Saab.
"The bid has been withdrawn. We have been in contact with the administrators. Because of GM's attitude, we can not continue," said Ahmed to Dagens Industri.
Ahmed said that the negotiations with GM reached a deadlock on Monday.
"Everything was under control and we are awaiting final feedback from GM. They changed their mind in the last minute. Unfortunately, I must say I have never experienced such behavior from a company of that size."
It was the attempt to reach an agreement over the GM technology licenses used by Saab and the manufacturing of the Saab 9-4X at GM in Mexico which stranded.
According to Ahmed, GM did not say no to licensing technology, but at the same time GM did not give any definite answers.
"We have put a plan on the table to save Saab. GM has not only proven to be unwilling to cooperate. It is also my conclusion that GM wants to kill Saab," said Zamier Ahmed.
"Nothing has changed. We are not in discussions and have not been in discussions with anyone," said GM's spokesman James Cain to TTELA on Monday.
"We have received requests to open a dialogue from several third parties, but we have not opened discussions with anyone," Cain continued.
So one player out of the race. Anyone surprised? I am not...
We can hope that Brightwell's announcement is their attempt of saving face because they might know that they will not be selected by the administrators as preferred bidder for Saab.
The board members of Brightwell have been very vocal in the media with their continued claims to be in negotiations with GM and their naive optimism about reaching a deal. And now they blame GM, which is a bit foolish since GM has time and time again given a plain answer about Saab: We will not lincense technology and we do not negotiate with anyone.
GM killed Saab three years ago. It just took a little longer for Saab to die than they had anticipated.
At 9:00 CET today the administrators will hold their weekly press brief and maybe we can expect some news about Saab then.
"The bid has been withdrawn. We have been in contact with the administrators. Because of GM's attitude, we can not continue," said Ahmed to Dagens Industri.
Ahmed said that the negotiations with GM reached a deadlock on Monday.
"Everything was under control and we are awaiting final feedback from GM. They changed their mind in the last minute. Unfortunately, I must say I have never experienced such behavior from a company of that size."
It was the attempt to reach an agreement over the GM technology licenses used by Saab and the manufacturing of the Saab 9-4X at GM in Mexico which stranded.
According to Ahmed, GM did not say no to licensing technology, but at the same time GM did not give any definite answers.
"We have put a plan on the table to save Saab. GM has not only proven to be unwilling to cooperate. It is also my conclusion that GM wants to kill Saab," said Zamier Ahmed.
"Nothing has changed. We are not in discussions and have not been in discussions with anyone," said GM's spokesman James Cain to TTELA on Monday.
"We have received requests to open a dialogue from several third parties, but we have not opened discussions with anyone," Cain continued.
So one player out of the race. Anyone surprised? I am not...
We can hope that Brightwell's announcement is their attempt of saving face because they might know that they will not be selected by the administrators as preferred bidder for Saab.
The board members of Brightwell have been very vocal in the media with their continued claims to be in negotiations with GM and their naive optimism about reaching a deal. And now they blame GM, which is a bit foolish since GM has time and time again given a plain answer about Saab: We will not lincense technology and we do not negotiate with anyone.
GM killed Saab three years ago. It just took a little longer for Saab to die than they had anticipated.
At 9:00 CET today the administrators will hold their weekly press brief and maybe we can expect some news about Saab then.
Friday, February 24, 2012
Some Saab Museum cars to be sold
Last month the City of Trollhättan together with Saab AB and financially supported by the Wallenberg Foundation bought the Saab Car Museum collection for SEK 28 million. And not suprisingly they now say that some of the cars will be put up for sale.
The car collection consists of around 130 cars and according to the new owners, the City of Trollhättan and Saab AB, not all cars are of interest to the museum.
"It's not necessarily only cars that can be sold. Among other things, there is a complete workshop down at the Saab Museum," said Paul Åkerlund, Mayor of Trollhättan, to TTELA.
According to the agreement between the City of Trollhättan and Saab AB, Trollhättan owns 70 percent of the museum and Saab 30 percent. The City of Trollhättan will together with the region of Western Götaland be responsible for the day to day management of the museum.
Saab AB will be allowed to borrow cars from the museum and the museum could even borrow planes from Saab for exhibit.
So if anyone fancy an old Saab deemed of not to be of exhibit value, then your chance may be just around the corner!
The car collection consists of around 130 cars and according to the new owners, the City of Trollhättan and Saab AB, not all cars are of interest to the museum.
"It's not necessarily only cars that can be sold. Among other things, there is a complete workshop down at the Saab Museum," said Paul Åkerlund, Mayor of Trollhättan, to TTELA.
According to the agreement between the City of Trollhättan and Saab AB, Trollhättan owns 70 percent of the museum and Saab 30 percent. The City of Trollhättan will together with the region of Western Götaland be responsible for the day to day management of the museum.
Saab AB will be allowed to borrow cars from the museum and the museum could even borrow planes from Saab for exhibit.
So if anyone fancy an old Saab deemed of not to be of exhibit value, then your chance may be just around the corner!
Thursday, February 23, 2012
Volvo wants Saab's tools and machinery
Swedish radio P4 Väst reports that Volvo Cars wants to buy all tools, machinery and other equipment from the Saab Trollhättan factory.
Volvo's plan is to move this equipment to its Torslanda factory outside Gothenburg. Volvo is thus not interested in the Trollhättan factory or continued live for Saab.
This information is all according to P4's sources and has not been confirmed by Volvo. Volvo has earlier confirmed that it is interested in parts of the Saab estate, but has not specified which parts. And that is understandable if this new information is correct, as it would mean the death of Saab and therefore is a very touchy issue for Volvo.
According to Göteborgs-Posten, Volvo most likely does not need the equipment in Torslanda, but eventually plans to move it to Chengdu China where former Saab manager Lars Danielsson oversees the construction of a new Volvo factory.
Let's hope Volvo shows some decency and does not push for a sale of this equipment until a possible sale of the entire estate is sorted out.
Volvo's plan is to move this equipment to its Torslanda factory outside Gothenburg. Volvo is thus not interested in the Trollhättan factory or continued live for Saab.
This information is all according to P4's sources and has not been confirmed by Volvo. Volvo has earlier confirmed that it is interested in parts of the Saab estate, but has not specified which parts. And that is understandable if this new information is correct, as it would mean the death of Saab and therefore is a very touchy issue for Volvo.
According to Göteborgs-Posten, Volvo most likely does not need the equipment in Torslanda, but eventually plans to move it to Chengdu China where former Saab manager Lars Danielsson oversees the construction of a new Volvo factory.
Let's hope Volvo shows some decency and does not push for a sale of this equipment until a possible sale of the entire estate is sorted out.
Videos of the last Saabs (for now) being built
A few weeks ago it became known that the bankruptcy administrators had decided that 47 Saab 9-3 convertibles, which were under manufacturing at the Saab production line when the company filed for bankruptcy, would be built. The job of completing the cars went to Ana Trollhättan. Here's a video from TTELA of the last cars being built.
Videos might not be available in your country. See comments. If you have trouble watching the videos you can try to access them directly from TTELA and SR P4 Väst.
And below is a video from Swedish Radio.
Videos might not be available in your country. See comments. If you have trouble watching the videos you can try to access them directly from TTELA and SR P4 Väst.
And below is a video from Swedish Radio.
Tuesday, February 21, 2012
Let the bidding war begin
Today the Saab bankruptcy administrators held their weekly press conference. Here's a summary of the most interesting points.
According to the administrators, thousands of relevant documents concerning the Saab estate are being scanned and made electronically available for a group of invited parties in a "virtual data room". 6 to 7 parties have been invited to view the documents and to place bids. The administrators are also in a dialogue with additional 5 to 6 parties, but these have so far not been invited to access the documents.
For those parties which are interested in acquiring the estate, now is the time to place their bids. The administrators are still aiming at a solution where the estate is sold as one entire entity, as opposed to in parts. According to the administrators, the business plan of the bidder is just as important as the amount being offered for the estate.
The interested parties have been given a time table for the process and a deadline for bids to been placed within, but the administrators would not reveal this time table to the media. The aim is however still to reach a decision whether to sell the estate as an entirety or in parts by the end of February. But the sale process will probably take longer.
The administrators informed the media that several bids have been received so far, but none of the bidders are seen as more relevant than the others.
There are no meetings planned with any of the interested parties in the near future.
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My interpretation of this is that all the 6 to 7 parties invited into the "virtual data room" are interested in a solution where Saab is sold as one entire entity. The additional 5 to 6 interested parties are hence interested in only parts of the estate. Furthermore, that one or more preferred bidder(s) will be selected this month, but the sales process will go into next month.
There seem to be no favourite among the parties so far. The outcome is still wide open.
We known that Chinese Zhejiang Youngman Lotus Automobile placed a bid in January and revised its bid last week. In addition, also Turkish Brightwell Holdings has said that it will place a bid when the administrators invite bids. So now is the time for Brightwell.
Also Indian Mahindra & Mahindra has confirmed interest in Saab. And we can assume that they are among the 6 to 7 parties interested in the entire estate.
These are the three parties that we know have signed a confidentiality agreement in order to be able to bid.
Which leaves us with 3 to 4 unknown parties. Canadian Magna International was mentioned at one point, but a Magna executive said early on that Magna's ambition is to be the best supplier in the automotive industry and not a car manufacturer. But only two years ago Magna had serious ambitions to become a car manufacturer when they tried to acquire Opel. So is Magna totally out of the picture?
Among the rumored parties, also German stakeholders have been mentioned. VAG has been mentioned, but how would Saab fit into the VAG portfolio?
In addition to these, I do not rule out the Russians. AvtoVAZ or GAZ? They certainly need technology, brand name and a distribution network. They can bring money and cost effective subcontractors and manufacturing to the party.
According to the administrators, thousands of relevant documents concerning the Saab estate are being scanned and made electronically available for a group of invited parties in a "virtual data room". 6 to 7 parties have been invited to view the documents and to place bids. The administrators are also in a dialogue with additional 5 to 6 parties, but these have so far not been invited to access the documents.
For those parties which are interested in acquiring the estate, now is the time to place their bids. The administrators are still aiming at a solution where the estate is sold as one entire entity, as opposed to in parts. According to the administrators, the business plan of the bidder is just as important as the amount being offered for the estate.
The interested parties have been given a time table for the process and a deadline for bids to been placed within, but the administrators would not reveal this time table to the media. The aim is however still to reach a decision whether to sell the estate as an entirety or in parts by the end of February. But the sale process will probably take longer.
The administrators informed the media that several bids have been received so far, but none of the bidders are seen as more relevant than the others.
There are no meetings planned with any of the interested parties in the near future.
-------
My interpretation of this is that all the 6 to 7 parties invited into the "virtual data room" are interested in a solution where Saab is sold as one entire entity. The additional 5 to 6 interested parties are hence interested in only parts of the estate. Furthermore, that one or more preferred bidder(s) will be selected this month, but the sales process will go into next month.
There seem to be no favourite among the parties so far. The outcome is still wide open.
We known that Chinese Zhejiang Youngman Lotus Automobile placed a bid in January and revised its bid last week. In addition, also Turkish Brightwell Holdings has said that it will place a bid when the administrators invite bids. So now is the time for Brightwell.
Also Indian Mahindra & Mahindra has confirmed interest in Saab. And we can assume that they are among the 6 to 7 parties interested in the entire estate.
These are the three parties that we know have signed a confidentiality agreement in order to be able to bid.
Which leaves us with 3 to 4 unknown parties. Canadian Magna International was mentioned at one point, but a Magna executive said early on that Magna's ambition is to be the best supplier in the automotive industry and not a car manufacturer. But only two years ago Magna had serious ambitions to become a car manufacturer when they tried to acquire Opel. So is Magna totally out of the picture?
Among the rumored parties, also German stakeholders have been mentioned. VAG has been mentioned, but how would Saab fit into the VAG portfolio?
In addition to these, I do not rule out the Russians. AvtoVAZ or GAZ? They certainly need technology, brand name and a distribution network. They can bring money and cost effective subcontractors and manufacturing to the party.
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