Saab is still attracting buyers despite its financial problems

Article by Christian A., on January 23, 2012

Talks with several potential bidders on the sale of Saab are ongoing, according to its receivers. However, no formal bids have been made yet. Reuters cited a source who said that it’s possible that a new bid will be made by Chinese group Zhejiang Youngman Lotus Automobile this week. Another company that plans to submit a bid for Saab is Brightwell Holdings, a Turkish private-equity firm.

Swedish newspaper Dagens Industri has reported that Indian utility vehicle maker Mahindra and Mahindra is interested in Saab too.

When interviewed by Reuters, Hans Bergvist, one of the receivers, said that they’ve been meeting with several interested parties. He said while some want to buy the factory as a whole, some only want parts of it. Fellow receiver Anne-Marie Pouteaux reiterated that no formal bids were made to date. Both of them declined to identify these interested parties.

Pouteaux said that their objective is to “sell a totality (of Saab)." General Motors, which continues to license technology to Saab, had opposed earlier rescue efforts, explaining that it didn’t want to help rivals.

Last December, Saab was declared bankrupt as efforts by owner, Swedish Automobile, failed to save it. Saab failed to meet its targets in 2010, making it reach a crisis point in early 2011. Its production had to be stopped last April as its suppliers stopped shipping parts to the automaker.

Topics: saab

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