[UPDATED 15:11 GMT] LUXEMBOURG/SWEDEN: Saab attracts surprise new bids
8 January 2010 | Source: Graeme Roberts
A surprise new player last night announced a bid for Saab in partnership
with Formula One racing supremo Bernie Ecclestone, prompting the General
Motors board to add at least a day to its deadline. And a new Swedish group
also
emerged as a prospective buyer. GM also said today that it has appointed a
firm to supervise the Saab wind-down.
Luxembourg-based Genii Capital said it had been brought into the bidding
process at a late stage by advisors close to the deal and - given the time
restraints - would aggressively work towards a successful closing of the
transaction with all the relevant stakeholders of the company.
The investment group said it had diverse investments and a strong
knowledge of the automotive industry and thought it could add value to Saab by
working with other firms in which it has stakes in the areas of energy
efficient engines, OEM components and on-board IT and media technologies -
including pay per listen/pay per use systems.
Genii Capital believes that the automotive industry will see - as
expected - strong developments in energy efficiency, safety systems but also in
the
area of on board entertainment systems including technologies that enable
use on demand systems as well as innovative communications platforms such as
VOIP and GPS location based services, it said.
The group believes that Saab has a tremendous brand value in a number of
key automotive markets as well as an innovative image allowing it to be at
the forefront of the car companies that will be first to market with some of
the above mentioned technologies.
Genii established links with Ecclestone after it last month bought a stake
in the Renault Formula One team, allowing the team to remain in the sport.
Dutch sportscar make Spyker, previously rejected, also submitted a
definitive, updated bid.
The bid is being refined, Muller told AFP, declining to give details of
the revised offer.
It is the same offer we made during the weekend of December 20 (last
year), but it is being completely refined following discussions in recent
weeks.
Meanwhile, Swedish media said a local group was interested in acquiring
Saab Automobile.
The new group is fronted by Haakan Samuelsson, a 58-year-old Swede who
quit as chief executive officer of truck maker MAN last November, and Jan
Nygren, a former Social Democratic cabinet minister and ex-deputy chief
executive
of defence materiel group Saab, financial daily Dagens Industri said.
The newspaper said it was not known who was financing the Swedes' bid, AFP
noted.
However, the paper said the group's business plan aimed for a scaled-down
Saab Automobile that would build 45,000 to 50,000 cars a year, and would not
require a loan from the European Investment Bank.
GM also today confirmed it has selected AlixPartners to supervise the
orderly wind down of Saab, and has requested approval of the selection by the
appropriate authority in Sweden. The use of a wind down supervisor is a
commonly-used process in Sweden and works in the interest of the shareholder.
The wind down process is expected to take several months, and will ensure
that employees, dealers and suppliers are adequately protected, GM said. As
stated previously, Saab customers can be assured that warranties will
continue to be honored and that service and spare parts will continue to be
available.
GM also confirmed that it has received several proposals for Saab and is
continuing to evaluate these proposals. That evaluation is 'not affected by
the appointment of AlixPartners'.
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