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.

Sunday, December 18, 2011

GM determined to kill off Saab

Yesterday afternoon General Motors (GM) said in a statement that it will say a definite no to all proposals for a further reconstruction of Saab. Saab's CEO and Chairman, Victor Muller, does however not agree that GM has to approve the latest arrangement.

"Saab's various new alternative proposals are not meaningfully different from what was originally proposed to General Motors and rejected", said GM spokesman James Cain.

"Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders. As such, GM cannot support any of these proposed alternatives”, Cain added.

GM has earlier said no to two different proposals for deals where Chinese companies takes stakes in Saab. This time Saab's owner Swedish Automobile has reached an agreement with Chinese Youngman where the Chinese takes no stake in Saab Automobile, but instead gets part ownership of a new technology company. According to Victor Muller, such an arrangement should not require any approval from GM.

"We do not think that GM has any say in an arrangement where Youngman gets no stake in Saab Automobile. The statement is obviously done from hearsay, and meant to affect Monday's court hearing negatively, " Victor Muller wrote in a text message to Svenska Dagbladet.

GM and spokesman James Cain do however not agree.

"After we rejected Saab's latest proposal, we know that Saab began exploring alternative ways that they (wrongly) believes do not require approval from our side," James Cain writes in an email to Svenska Dagbladet.

The man proposed as new administrator of the reconstruction of Saab, Lars Söderqvist, is bewildered.

"I do not understand at all why GM makes this statement," Lars Söderqvist said.

"The latest proposal is designed in such a way that it does not required the approval of GM," said Söderqvist.

Söderqvist continued saying that he does not know if GM has been presented the latest arrangement in detail.

"But I think it is natural that if you reach an agreement that does not concern GM at all, then it would be very odd if you informed them fully about the new agreement."

What to think of this? Let me be blunt: The past months, not mention the last three years, clearly shows that GM is determined to kill off Saab. I am convinced that this was the plan in 2008 and still is.

Lyssna: "GM måste skydda sina intressen"