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.

Thursday, January 19, 2012

Turkish Brightwell Holdings also has bid in the works

Yesterday we learned that Chinese vehicle manufacturer Zhejiang Youngman Lotus Automobile plans to place a bid on the Saab bankruptcy estate next week. Now Bloomberg reports that also the Turkish investment company Brightwell Holdings is preparing a bid.

"We will make a bid very shortly, there’s no question," board member of Brightwell Zamier Ahmed told Bloomberg in a phone interview.

The Turkish company has earlier invested in both environmental friendly energy companies as well as automotive companies and has expressed interest in Saab from an environmental point of view.

Zamier Ahmed of Brightwell Holdings

Yesterday local Trollhättan newspaper TTELA reported that Saab's former CEO, Chairman and large shareholder, Victor Muller, is working together with Brightwell.

"I am working closely with Victor Muller, the bankruptcy administrators and others from the Saab management," Zamier Ahmed said to TTELA. Ahmed also added that they have the full support of the Turkish government.

Victor Muller confirmed to TTELA that he was indeed working with Brightwell.

"I believe that Brightwell has sufficient funds to see this deal through. But I am not in the position to determine if they will succeed or not," Muller said.

To Bloomberg Zamier Ahmed said that they want to keep Saab in Trollhättan and Sweden and revive the manufacturing. He continued saying that they will need at least two weeks before submitting any offer as it's still in the middle of a due diligence in order to decide how much to offer. He also added that any transaction will require approval from Saab's former owner, General Motors, as well as the Swedish government and the European Investment Bank.

So as a Saab enthusiast, should we cheer for the Turks or the Chinese? I have not decided yet. Victor Muller working for the Turks could be a indication, but then again I assume he works for them because they pay him? And from earlier we know that Swedish authorities have been skeptic of Muller and did actually push for a complete sale of Saab to the Chinese. I wish I knew which of the parties have the support of Mats Fägerhag and Kjell ac Bergström, because I have full confidence in those two Saab veterans!