SAAB could have up to five buyers
March 5, 2009 by Matt Brogan
Saab managing director Jan-Ake Jonsson says he aims to identify a new owner for the brand within two months, and that there are five parties interested in buying the brand.
Though Mr Jonsson was not specific in naming the interested parties there has been some speculation that Chinese manufacturers Geely and Dongfeng are strong candidates for the take over.
“There are about five we want to talk to. There are a couple more we are also looking into,” Mr Jonsson said yesterday at the Geneva Motor Show. “We should see which candidates are serious in the next week and a half.”
There has also been considerable speculation surrounding Geely’s interest in the purchase of Volvo – a claim denied by Geely management.
It has also been suggested by Swedish media outlets that private equity firms and representatives of retired Swedish workers have also expressed an interest in Saab.
Mr Jonsson said Saab is working with advisors from Deutsche Bank this week to identify a buyer.
“I hope in a month or two we will have at least some agreement with somebody,” Mr Jonsson said. “The Swedish government wants to know what the future ownership structure is and General Motors wants to sell Saab. We have to accelerate the process.”
Although GM has not yet begun an official auction for the Swedish brand it is expected the preliminary financials will be ready within a few weeks, quite some time ahead of the official January 1 2010 end of ownership date.
GM bought 50 per cent of Saab in 1990 for about US$700 million. It paid US$125 million and assumed debt for the remainder of the unit in 2000.
Print it: 
oh well Saab deserves to be bought by a well known automaker who will take care of this brand and try to make it even better. i don’t know what intentions those Chinese companies have with Saab but if i had owned a Saab and the company built my car was going to be taken by some unknown automakers from China i’d try to sell that car as soon as possible. What about Mahindra? If we’re talking about exotic buyers, maybe the indian automaker is also interested in buying Saab.
I think its sad that all these companies with such great heritage and history behind them are going in the hands of people or countries with inexperience such China with MG and India with Landrover and Jaguar.
I truly hope that SAAB stays in Sweden and remains an individual rather than become just another brand the chinese or Indians have bought.
But at the same time the company in trouble can only blame itself for not protecting themselves or its investors. A recession comes every 10 – 15 years and car makers and other companies should be prepared for such pitfalls.
You look at VW and Hyundai they are growing still in this market because they have invested in new technology and brand and were able to secure loyal customers…
cheers
Bru
Five buyers for the company, or their cars?
Just goes to prove GM doesn’t learn from history….
Saab is realistically worth nothing at present, and the report says GM hasn’t started the Auction on it yet?
Dot Com all over again anybody??
After this stupid claim by Saab, Geely issued a public statement that it is not interested in Saab at all. Saab is in insolvency. The insolvency administrator has less than 3 months now to find new finance or wind up the company and auction all assets. Saab sold 38 cars in Australia last month. Can its dealers pay the monthly rent?
Benjie, c’mon, dont be silly. There is no way that you could find 5 people willing to buy the car!
I just can’t imagine why anyone in australia would buy a saab.
What is the attraction, the high price ? The quirky looks or the perception that you have no idea.
Bruster wrote …”I think its sad that all these companies with such great heritage and history behind them are going in the hands of people or countries with inexperience such China with MG and India with Landrover and Jaguar”.
I think you will find in the case of Tata and Landrover/Jaguar, their engineering heritage is longer and as diversified as Saab is/was.
The issue is sound business management with sound engineering input coupled with passion.
This is not just the domain of a few Europeans.
I’ve read rumours that interested companies include TATA, BMW, Renault and Hyundai. I don’t know how true that is though…
Come on guys n gals there’s nothing wrong with Chinese money. I would have concerns if they were going to be built in China and shipped elsewhere, but i’d wait til the product turns up before a final judgement could be made.
As for the Saabs themselves – go look at the UK webisites and Au$39K buys a delivery mileage 93 Aero 210hp turbo, can’t beat it for the money.