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, February 4, 2012

Volvo confirms interest in parts of Saab

To Dagens Industri, Volvo Cars now confirms that the company is interested in acquiring parts of the Saab bankruptcy estate. It was yesterday that reports came in that the bankruptcy administrators have requested that the interested parties only bid on parts of Saab instead of the entire business.

"We, like many other automakers, are looking at everything that comes up, and there are parts that we might be interested in," said Olle Axelsson, communications director at Volvo Cars, to DI.

Axelsson said that they however have decided to "wait and see".

"We follow the process and have good contact with the administrators," Axelsson said.

Axelsson could however not confirm the reports from yesterday that Geely and Volvo are interested in Saab's development organization.

The reports that the administrators want to sell Saab in bits and pieces came as a surprise and shock to anyone following the Saab saga. Lars Holmqvist, who is CEO of the European suppliers association (CLEPA), said to Dagens Industri that also his sources confirms these reports.

"My understanding is that they [bankruptcy administrators] seem reluctant to sell it as a whole entity. And my understanding is that they talked about the need of a approval from GM," Holmqvist told Dagens Industri.

Holmqvist does however not understand why an approval from GM is needed.

"If you only want to produce the old 9-3 model and other models [non Saab] like Youngman plans to do, and you do not intend to use GM's technology, then you do not need GM's approval," he said.

Holmqvist believes that it will be best for the creditors if Saab is sold in its entirety instead of in parts.

"You have to question whether the administrators have chosen the best solution [if Saab is sold in parts] for all the creditors," he said and pointed out that the suppliers are owed SEK 1.5 billion.

"Selling Saab as a whole entity is the only chance we have to get back some of the money," he said.