Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News Mexico
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
  • News
    • Photos
    • Automakers
    • Suppliers
    • Sales By Market
    • Environment/Emissions
    • Latest Launches
    • Sales and Retail
    • Car Cutaways
    • On The Move
    • China's Baoneng boosts stake in Qoros
      Citroen says Ami One two-seater is a new concept for affordable mobility
      EU, Japan back automatic braking regulation
      German auto jobs at risk from hard Brexit
    • Driv spinoff to build smart suspension systems
      Faurecia hopes to outperform uncertain market
      Plastic Omnium posts strong results despite global production slump
      Sweden's Veoneer forecasts flat sales in 2019
    • Porsche, Alfa Romeo and Nissan take big hits as European sales fall 5% in January
      Russia sales rise nearly 1% in January despite VAT increase
      Audi, Fiat, BMW among losers as Spanish sales fall 8% in January
      Volvo, VW gain sales in UK market down nearly 2% in January as diesel plunge continues
    • Volvo blurs the wagon/SUV line with the V60 Cross Country
      view gallery
      7 photos
      New Range Rover Evoque designed for the 'urban jungle'
      Range Rover Evoque gets hybrid tech to cut emissions
      Tarraco gives Seat a flagship SUV to help retain wealthy buyers
    • Ferrari will unveil V-8 hybrid supercar this year
      Mercedes outsold Audi in China last month on sedan demand
      Tesla's Musk visits Norway to review delivery delays
      Europe's minicar segment to shrink as VW, PSA mull axing their smallest cars
    • Suppliers to the new Porsche Panamera
      Suppliers to the new Peugeot 5008
      Suppliers to the new Seat Ibiza
      Suppliers to the new VW Touareg
    • Ford names new chief government relations officer
      Daimler appoints Airbus exec as finance chief
      VW China CEO to join VW brand's management board
      Mini USA names marketing veteran McKenna head of product planning
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Auto Shows
    • Geneva Auto Show
    • Frankfurt Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
    • Bugatti to unveil $18 million special edition named after Ferdinand Piech, report says
      Subaru Viziv Adrenaline concept to debut at Geneva
      Citroen says Ami One two-seater is a new concept for affordable mobility
      China EV startup Aiways will launch SUV in Europe
    • Bugatti considers four-door model for 2024
      Frankfurt photo booth
      Frankfurt's best and wurst
      Merkel says German car industry must work to rebuild trust
    • Vietnam's first automaker now has names for first sedan, SUV
      Bugatti mulls SUV as part of broader model range
      Ferrari Monza supercars will earn $755 million in revenue
      China's GAC likely to debut in Europe with an EV
    • VW will launch SOL EV brand in China with subcompact crossover
      view gallery
      9 photos
      BMW's iX3 concept heralds electric expansion
      view gallery
      9 photos
      BMW will export iX3 electric SUV to Europe, U.S. from China
      view gallery
      11 photos
      Mercedes seeks to keep China luxury lead with stretched A class
    • view gallery
      7 photos
      Jeep finds green groove with plug-in hybrid SUV concept
      China's luxury market to grow to 3M a year, Audi, Mercedes predict
      view gallery
      10 photos
      Mercedes hints at new styling with sedan concept
      Foreign automakers embrace China as EV development hub
  • Opinion
    • Blogs
    • Luca Ciferri
    • Douglas A. Bolduc
    • Paul McVeigh
    • Ford's 'redesign' for Europe emphasizes SUVs, LCVs
      Russia's Google, Yandex, impresses with its self-driving tech
      Renault Twizy gets new life in Korea as motorcycle replacement
      Why the car is no longer the ticket to freedom
    • Ford's 'redesign' for Europe emphasizes SUVs, LCVs
      Russia's Google, Yandex, impresses with its self-driving tech
      Renault Twizy gets new life in Korea as motorcycle replacement
      Why the car is no longer the ticket to freedom
    • Ford's 'redesign' for Europe emphasizes SUVs, LCVs
      Russia's Google, Yandex, impresses with its self-driving tech
      Renault Twizy gets new life in Korea as motorcycle replacement
      Why the car is no longer the ticket to freedom
    • Ford's 'redesign' for Europe emphasizes SUVs, LCVs
      Russia's Google, Yandex, impresses with its self-driving tech
      Renault Twizy gets new life in Korea as motorcycle replacement
      Why the car is no longer the ticket to freedom
  • Maps
    • E-Car & Component Map of Europe
    • Powertrain Map of Europe
    • Assembly Plant Map of Europe
  • Supplements
    • Connected Car
    • Talk From The Top
    • BMW 100
    • Car Cutaways
  • EVENTS & AWARDS
    • Automotive News Europe Congress
    • Rising Stars
    • Eurostars
    • Leading Women
  • E-MAGAZINE
    • Read the latest issue
    • Download the app
    • Subscribe
  • More
    • E-Magazine
    • Contact Us
    • 2019 Media Kit
    • About Us
MENU
Breadcrumb
  1. Home
  2. Automotive News Europe
December 02, 2009 12:00 AM

U.S. firm Merbanco out of Saab bidding

Staff
Wire Reports
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Reuters
    GM has given Saab a reprieve until Dec. 31 while it considers new bids for the brand.

    MUNICH - U.S. private investment firm Merbanco Merchant Banking said it is out as a bidder for Saab.

    Merbanco CEO Christopher Johnston said Saab parent General Motors Co. informed him that Merbanco was out after a board meeting on Tuesday in which Saab's future was discussed.

    "We were disappointed to learn we were not invited to move forward in our efforts for Saab," Johnston told Reuters.

    GM has given Saab a reprieve until Dec. 31 while it considers new bids for its money-losing Swedish brand.

    GM said there are several interested parties in the Saab brand, but declined to name those potential bidders, citing confidentiality agreements.

    A source said Dutch super sports carmaker Spyker Cars NV and its Russian owner, Converse Bank, have submitted a bid to buy Saab.

    Beijing Automotive Industry Holding Co, which tied up with Saab bidder Koeningsegg in October, could still be among the possible contenders to take over Saab, according to reports.

    Spyker attracted by Saab's image

    Spyker apparently wants Saab because of Saab's strong image. Also, GM's plans for the brand, such as a new 9-4X crossover, "look extremely viable" to Spyker's management, the source said.

    U.S. financier Ira Rennert and his Renco Group had also expressed interest in pursuing a deal for Saab before GM struck a preliminary deal with Koenigsegg earlier this year.

    GM said it will evaluate potential bids between now and the end of December but if it is unable to find a "suitable arrangement" for Saab by then, it would "will begin an orderly wind down" of the global Saab business.

    GM's board met on Tuesday to review Saab's future after a deal to sell the brand to Swedish sports car maker Koenigsegg fell apart last month.

    According to a report on Tuesday by Bloomberg News, GM also is considering the sale of parts of Saab to Beijing Auto and shuttering the brand. In that case, Spyker likely would pull its bid, Bloomberg said, citing people familiar with the matter.

    Saab confident

    Saab spokesman Eric Geers said there are a number of parties seriously interested in buying Saab.

    Geers said he did not know how far the bidding process had gone, but that "a number" of possible buyers had been identified.

    "There is serious interest from buyers," Saab spokesman Eric Geers said.

    Asked if he was confident Saab would find a new owner, he said: "We are confident."

    Sweden's Enterprise Minister Maud Olofsson said it was too early to say if Saab would survive.

    "We have won a little time," she said. "It is a complicated issue to buy Saab. The buyer needs to have enough financial muscle to buy the company and to develop Saab."

    She said the government would do all it could to help the process.

    GM's failed attempts to boost Saab

    GM bought 50 percent of Saab in 1989 for about $700 million. It paid $125 million and assumed debt for the remainder of the unit in 2000.

    But the Swedish luxury brand best known for its 9-5 and 9-3 sedans has consistently lost money over the past two decades. Saab has said it lost about $340 million in 2008.

    Efforts to use GM platforms to engineer recent Saab models failed to win back buyers and an ad campaign to sell the brand as "Born from Jets" fizzled.

    Koenigsegg, a Swedish company that hand builds sports cars that sell for $1 million, said in late November it was pulling out of a deal to buy Saab because of the risk of delays in closing five months after reaching a preliminary deal with GM.

    Saab sold 93,295 vehicles globally in 2008, representing 1.1 percent of total GM sales volume, down 25 percent from 2007.

    Reuters contributed to this report

    Related Articles
    Saab wins reprieve as new bidders for brand emerge
    Spyker and its Russian partner eye Saab
    Monthly E-Magazine
    Thumbnail
    View latest issue
    See our archive
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Automotive News Europe Monthly E-Magazine

    Sign up to receive your free link to each monthly issue of Automotive News Europe as soon as it's published.

    GET THE E-MAGAZINE
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584


    Email Us

    Resources
    • About us
    • Contact Us
    • 2019 Media Kit
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    Copyright © 1996-2019. Crain Communications, Inc. All Rights Reserved.
    • HOME
    • News
      • Photos
        • Geneva Photo Gallery
        • Beijing Photo Gallery
        • Frankfurt Photo Gallery
        • Paris Photo Gallery
        • Shanghai Photo Gallery
      • Automakers
      • Suppliers
      • Sales By Market
      • Environment/Emissions
      • Latest Launches
      • Sales and Retail
      • Car Cutaways
      • On The Move
    • Auto Shows
      • Geneva Auto Show
      • Frankfurt Auto Show
      • Paris Auto Show
      • Beijing Auto Show
      • Shanghai Auto Show
    • Opinion
      • Blogs
      • Luca Ciferri
      • Douglas A. Bolduc
      • Paul McVeigh
    • Maps
      • E-Car & Component Map of Europe
      • Powertrain Map of Europe
      • Assembly Plant Map of Europe
    • Supplements
      • Connected Car
      • Talk From The Top
      • BMW 100
      • Car Cutaways
    • EVENTS & AWARDS
      • Automotive News Europe Congress
      • Rising Stars
      • Eurostars
      • Leading Women
    • E-MAGAZINE
      • Read the latest issue
      • Download the app
      • Subscribe
    • More
      • E-Magazine
      • Contact Us
      • 2019 Media Kit
      • About Us