Chinese investors wanted to buy Saab, but Muller says the offer was turned down

Article by Christian A., on October 21, 2011

According to chief executive of Swedish Automobile, Victor Muller, it appears that a takeover offer for Saab from China's Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. was turned down. Still, Muller didn’t want to tell some numbers but said that the offer was unacceptable because “it would trigger every conceivable change of control clause and that would possibly mean the end of Saab”.

Still, both Chinese companies should stick to the terms of a deal signed in July that would permit them acquire a combined 53.9 percent stake in Swedish Automobile.

Regarding Saab’s future, yesterday we announced that the troubled Swedish manufacturer will receive $70 million from the US private equity group, North Street Capital.

Saab accepted a $10 million equity investment from North Street Capital and the other $60 million as a loan to fund its ongoing reorganization.

Muller also has a plan B if the Chinese companies will walk away and Saab will not get more funds. For those who don’t know, Saab produced few cars since it first halted production in March due to the fact that it couldn’t pay its suppliers but also its workers.

Marking the start of a new era for Saab, the all-new Saab 9-5 Sedan features bold and confident styling and is laden with advanced technology. To be sold starting 2010, this new Saab flagship conveys a true Scandinavian design with its neatly sculpted shape and the brand’s aviation heritage with its wraparound window graphic.

In particular, the styling of the new Saab 9-5 Sedan takes inspiration from the Saab Aero X Concept car. Along with a muscular, low-slung stance, this particular styling allows the Saab 9-5 to debut a new expressive design language.

Power for the new Saab 9-5 Sedan comes from a turbocharged engine, strictly adhering to Saab's rightsizing engine strategy. This strategy focuses on responsible performance by developing highly efficient four-cylinder turbo engines that could be filled with petrol, diesel and E85 bioethanol. In terms of emissions, the diesel version of the new Saab 9-5 emits around 139 grams of carbon dioxide per km.

Not surprisingly, the new Saab 9-5 is offered with several high-tech elements like adaptive cruise control; adaptive headlights (Bi-Xenon Smart Beam); keyless entry and starting; dynamic parking assistance; and dual-zone climate control.

Also offered are the Saab DriveSense adaptive chassis with real-time damping control; aircraft-inspired head-up information display (HUD) and Saab XWD with eLSD all-wheel-drive system.

Jan-Ake Jonsson, Managing Director at Saab, called the 9-5 as the start of a new era for the Saab brand. He remarked that the carmaker was able to create an advanced and unique product by leveraging the power of the brand’s roots in areas like sporty driving, progressive Scandinavian design, and responsible performance.

Topics: saab, investment, china

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