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.

Saturday, October 8, 2011

Political meddling may have torpedoed Saab's chances in China

The story of Saab seems more and more like a badly written novel. And here is the latest chapter according to Swedish newspaper Aftonbladet today.

Yesterday at three o'clock in the afternoon, Geely was going to buy Saab. Everything was lined up. Chairman of Geely Mr. Li Shu Fu was in Stochholm together with Chairman of Pang Da Mr. Pang Qinghua to meet Sweden's Minister of Finance and to buy Saab. The first payment, EUR 50 million, was to be done on Monday. But instead of Minister Anders Borg, the State Secretary Hans Lindblad showed up. And this obviously upset Mr. Li Shu Fu who decided to leave the meeting.

This new deal where Geely and Pang Da would be Saab's partners and owners was outlined by Saab's reconstruction administrator Guy Lofalk behind the back of Saab's management and Swedish Automobile's shareholders. And Sweden's Minister of Finance Anders Borg is being identified as the political alibi of the deal.

Furthermore, China's National Development and Reform Commission has more or less already approved Youngman's plan to become part owner of Saab. But when Guy Lofalk and Swedish Government started to meddle and told Youngman that they wanted Geely as owner, Youngman has withdrawn.

Now Saab has lost all faith in Lofalk and will go to the court on Monday and ask that he is replaced. 

The question is if Geely wants Saab after they were stood up by the Swedish Minister of Finance. Or has the Minster of Finance and the Prime Minister more or less single-handedly killed all chances of a China deal for Saab? And is this legal? Saab is still owned by Swedish Automobile which is a listed company. But Lofalk and the Swedish Government act like they can do whatever they want with Saab.

Time will tell what will happen. But at the moment I can say that the clowns in the Swedish Government and Guy Lofalk are not my favorite people!