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, December 2, 2011

No chance of GM approving 100 percent Chinese owned Saab

Yesterday Victor Muller was a guest at the talk show Skavlan and there he repeated that he does not believe that a solution where the Chinese take full control over Saab will have any chance of approval from General Motors (GM).

Picture from GT Expressen

"They will not accept that the Chinese take full control, so that the technology is basically in the hands of them just by buying the company," Victor Muller said when he visits Skavlan.

Muller did however say that the original plan, where the Chinese would take 53.9 percent of Saab and the current owner keeping the rest, would have much better chances of GM's approval.

But Victor Muller has not given up. He is determined to do all he can to secure Saab a future.

"The main thing is that we find a solution. My job is to work towards a solution for Saab's future, but I do not know if that solution includes me or not, " Muller said.

According to Victor Muller, GM can say no if a party takes a stake in Saab of more than 20 percent. He could not say how a possible solution for Saab looks like, but as long as that solution does not infringe the restrictions in the agreement with GM, it sould be possible to come with a solution.

"If we can not find such a solution, the future looks very bleak. But I am confident that we can find such a solution, " Victor Muller told Dagens Industri.

He also said that it is difficult in the current situation to say if North Street Capital could be part of such a solution.

North Street Capital is the dark horse which possible can save the day. Victor Muller's plan B is believed to include North Street Capital in a deal where the Chinese take only 20 percent and the rest is kept by the current owners and North Street Capital.

Yesterday Muller did not rule out bankruptcy as an option.

"If you can not get the funding, it is an option," he said.

Muller could not give any news on the wages which so far has not been paid for November.

"All I can promise is that your CEO is working day and night to make sure that you get a good Christmas", was Victor Muller's message to his employees.

This evening both Swedish TV SVT1 (at 21:00 CET) and Norwegian TV NRK1 (streaming at 21:25 CET) will broadcast the talkshow Skavlan.