Koenigsegg to buy Saab???
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GM taps Swedish sports car maker as top Saab bidder, reports say
General Motors has chosen Swedish luxury sports car maker Koenigsegg Automotive AB as the preferred bidder for the Saab brand, news reports said.
Koenigsegg and Norwegian investors have signed a letter of intent to take over Saab, Swedish television said today, attributing its report to unnamed sources. "The deal is there now and a few minor details remain," a source told Reuters.
The reports follow earlier statements from Saab spokesman saying an announcement on the top finalist could come as soon as this week.
GM, which filed for Chapter 11 protection June 1, put Saab into the equivalent of bankruptcy in February after deciding to cut its 20-year ties with the brand.
The shedding of Saab underscores GM's intensified global effort to jettison non-performing brands and business lines.
Over the last two weeks, the automaker has announced preliminary agreements to sell Hummer to a Chinese suitor and to sell Saturn to Roger Penske's Penske Automotive Group Inc. On Monday, GM said it would terminate its medium-duty truck business after trying to sell it for four years. A deal to sell the unit to Navistar Inc. fell apart.
GM spokesman Chris Preuss declined to comment on the Saab bidding.
Koenigsegg was one of three Saab finalists named in recent published reports.
Bloomberg News, citing one person familiar with the talks, said Koenigsegg was picked because it's an automaker and because it is committed to investing in Saab.
The Financial Times reported on Tuesday that Merbanco, a group of Wyoming investors, is interested in Saab, as is U.S. billionaire Ira Rennert's Renco Group.
The FT said GM would provide $500 million in assets and cash, plus production equipment for a new Saab model as well as $150 million of cash already in Saab's account.
Under the deal, the new owner is to pay GM back if it succeeds in turning around Saab, the report said.
Cash amounts pledged by the three bidders vary, but it is smaller than the amount GM is contributing, the paper said.
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Thinking why Koenigsegg wants to buy Saab over???
To make more profit? Or don't tell me they gonna aim to make the world saftest supercar...
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SAAB deserves far better than what it got when it was part of GM. The 97 (a Subaru Impreza with a different face) was probably the lowest point of a marque with so much heritage.
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yes, i agree. GM is killing the brand.. I am glad that Koenigsegg decided to buy over Saab. Now we can sit back and see how Koenigsegg is going to revive Saab's dying market and demand. Hope they do a good job on this.. Can't wait to see a SAAB super car.. :D
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most super/luxury car makers all have bad financial records by themselves...
think ferrari... bought over by fiat
maseratti... bought over by fiat
lamborghini.. bought over by audi( which is under vag)
bugatti... rights bought over by vag (vw group)
bentley.. bought over by vag
aston martin... being thrown around cos ford cant afford to upkeep it....
noble(yes some of u might not even have heard of it)... sold rights to some ulu company from ohio
rolls royce... bought over by BMW group
Koenigsegg is definetly not looking to revive the SAAB brand... its first and foremost priority will be to ensure its long term sustainability cos making super/luxury cars alone is simply not viable in the long run....
hence saab will provide the much needed sales volume...
so more injustice to a good marque like saab???
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Originally posted by NoobBOY:
Thinking why Koenigsegg wants to buy Saab over???
To make more profit? Or don't tell me they gonna aim to make the world saftest supercar...
saab selling point was never safety...
it was more of its driver orientated driver's position ala an aeroplane cockpit... with all the dashes and dials orientated towards the driver.....
cos saab has aviation roots....
and also its engine with the very flat torque curve.....
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Originally posted by n0x:
most super/luxury car makers all have bad financial records by themselves...
think ferrari... bought over by fiat
maseratti... bought over by fiat
lamborghini.. bought over by audi( which is under vag)
bugatti... rights bought over by vag (vw group)
bentley.. bought over by vag
aston martin... being thrown around cos ford cant afford to upkeep it....
noble(yes some of u might not even have heard of it)... sold rights to some ulu company from ohio
rolls royce... bought over by BMW group
Koenigsegg is definetly not looking to revive the SAAB brand... its first and foremost priority will be to ensure its long term sustainability cos making super/luxury cars alone is simply not viable in the long run....
hence saab will provide the much needed sales volume...
so more injustice to a good marque like saab???
aston has been co-owned for some time now by some kuwait consortium and the chairman of prodrive
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Originally posted by n0x:
most super/luxury car makers all have bad financial records by themselves...
think ferrari... bought over by fiat
maseratti... bought over by fiat
lamborghini.. bought over by audi( which is under vag)
bugatti... rights bought over by vag (vw group)
bentley.. bought over by vag
aston martin... being thrown around cos ford cant afford to upkeep it....
noble(yes some of u might not even have heard of it)... sold rights to some ulu company from ohio
rolls royce... bought over by BMW group
Koenigsegg is definetly not looking to revive the SAAB brand... its first and foremost priority will be to ensure its long term sustainability cos making super/luxury cars alone is simply not viable in the long run....
hence saab will provide the much needed sales volume...
so more injustice to a good marque like saab???
aston has been co-owned for some time now by some abu dhabi consortium and the chairman of prodrive
maybe koenigsegg can do something about those hideous saab headlights
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Saab cars have the love-it-or-hate-it looks...
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Co-owner is confident that Koenigsegg can rescue Saab
OSLO (Reuters) -- Koenigsegg Automotive believes it can rescue General Motors' loss-making Saab unit, a co-owner of the Swedish luxury sports car maker said.
"We think it is possible (to rescue Saab) and we have several good solutions to bring into Saab," Baard Eker, who holds 49 percent of Koenigsegg, told the Dagbladet newspaper.
General Motors is close to selling Saab to Koenigsegg, a source familiar with the talks told Reuters last week. Saab sought protection from creditors in February and has been granted an extension of its business reorganization until Aug. 20 to line up a new owner and restructure.
"Let me make one thing clear -- we are not buying Saab only to chop it up," Eker said, referring to what he calls "poisonous comments" in Swedish media.
Eker, a Norwegian entrepreneur, said obstacles may still emerge which could potentially stop the sale, but he did not reply negatively when asked about Saab's comments that a deal could be in place next week, according to the paper.
Eker confirmed that several investors are willing to finance the acquisition, but declined to name them or how much money they would contribute.
When asked what was the most important thing that he and Christian von Koenigsegg, the sports car company's founder, could bring in as new owners, Eker said: "Culture and technology. Saab needs to be more innovative."
Eker also said it was not their intention to let "many people go," but declined to be more specific.
Koenigsegg's hand-built super cars are in Forbes magazine's list of the world's 10 most beautiful cars. The company has less than 50 employees and turns out only a handful of $1 million cars a year.
GM, which filed for Chapter 11 protection June 1, put Saab up for sale after deciding to cut its 20-year ties with the brand.
Saab produced nearly 100,000 cars last year, about 1 percent of GM's global output. GM has held talks with a number of potential buyers, including Fiat and Chinese automakers.
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Finally Saab goes to Koenigsegg!!!