Svenska Dagbladet: Youngman no longer involved in buying Saab

[SaabWorld]

Chinese Youngman said to no longer be involved in the process to buy Saab Automobile's bankruptcy estate. The negotiations with the administrators have been stopped, said a source involved in the process of di.se.

Reasons cited are that the managers feel uncertain about the payments that are controlled by the Chinese bureaucracy.

Instead, should, according di.se, another Chinese group called electric vehicle consortium have made great progress in the negotiations.

The trustee Hans Bergqvist would neither confirm nor deny reports that Youngman would be out of the negotiations.

- We do not comment on the sales process, he said.

If no new interest has emerged in recent times would he not say.

- We continue with our efforts. We have entered a critical phase.

Previously, the administrators had a view to having a deal done before the summer, without giving more exact time. Now there are reports that it can be written under a contract next week.

- At this stage when we are approaching the timetable we have set ourselves for this we must work under discretion. So I can not comment on the matter more, says Hans Bergqvist.

The government applies now also for EU money to help those made redundant in Saabkonkursens track. This is 98 million, half of Swedish money because it requires co-financing. The money will help the 1350 people, including training, relocation allowances and start-up grant. A thousand have already been successful in finding new jobs, but most of all, many metallare that still stands without.

- They have had the most difficult to move forward, says Labour Minister Hillevi Engstrom.

It is the European Commission to determine whether the aid is granted.

Read original article in Swedish

[SaabWorld]

Filed under: China, Saab


Zhejiang Youngman Lotus Automobile has been jettisoned from the dwindling pool of bidders for Saab after tendering an offer of $492 million for the whole kaboodle. Exact reasons weren't given for Youngman leaving the table, but according to a report in Autoweek.nl, "Chinese bureaucracy" was partially to blame and there apparently wasn't complete confidence in the Chinese company's finances.

Reports say the bidding is meant to close in the next week, but we still don't know who all the bidders are - India's Mahindra & Mahindra, China's Geely/Volvo and at least one as-yet-unknown entity are after the whole company or select assets. Swedish media was hinting at another bidder with electric car knowledge, not from China, to take control of Saab. And if that same Autoweek.nl story is correct, Spyker's Victor Muller didn't leave the premises empty-handed, as "Spyker would be the licensing agent of the Saab 9-5 and continue to be paid for its use."China's Youngman bails on Saab, Mahindra still in the mix originally appeared on Autoblog on Wed, 23 May 2012 13:00:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments

More...

[nordwulf]

Youngman was rejected by the administrators, and former CEO of Volvo Trucks Munkedalsbon Karl-Erik Trogen was put forward as new buyers. CLEPA's CEO says that it is surprising.

The news about Saab has been a lot today.

Karl-Erik Trogen has for some time been working for this solution, said Lars Holmqvist, former CEO of subcontractor organization CLEPA for P4 West.

Holmqvist can confirm that the consortium exists, but he does not believe in the solution.

- I am very surprised because I thought we were talking about very large sums of money that the estate would have for Saab and that have previously talked about billions. I find it hard to imagine that such a consortium could pay enough much of Saab, said Lars Holmqvist to P4 West.

- But it may well be that you have scraped together enough money to even have been financially competitive and able to compete Youngman and Mahindra and Mahindra. Then I have to say that it is surprisingly, but in such cases it is just to wish the best of luck.

What do you think they look at Saab?

- Either you will see that you get something that is very cheap, so you can make a good deal by acquiring a facility which is far below the price it would cost to build one.