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Last 7 Days

by Brett Davis

Even though Saab Automobile is bankrupt, Turkish equity firm Brightwell Holdings plans on placing a bid to buy the Swedish car company. Chinese group Zhejiang Youngman is also still showing interest.

Brightwell board member Zamier Ahmed says the company is in talks with the administrators in charge of Saab’s bankruptcy, recently telling Automotive News: “We will make a bid very shortly, there’s no question”.

The equity firm is normally associated with investments in energy, technology and other transport. Ahmed said it plans to buy all of Saab while keeping production and facilities in Sweden.

However, according to a Reuters report, Chinese automobile manufacturer Zhejiang Youngman still has interest in buying Saab.

Halfway through 2011, it was reported that Youngman planned to invest in Saab and gain 29.9 per cent of the company. General Motors didn’t like the idea though, as it would have given Youngman access to the technologies GM had developed and licenced for Saab. The deal collapsed late last year.

Brightwell will assess Saab’s assets and inventories over the next two weeks before coming up with an offer. Youngman, on the other hand, could pitch an offer as early as next week, according to the report.