Saab has sold a 30-percent stake to the Hawtai Motor Group Company Limited in a deal worth €150 million. Struggling to stay afloat, Saab has been looking for other investment sources and the Chinese group also provided an option for overseas interest outside the EU. The deal includes 120 million euros subscription for 24.6 million Saab shares and a 30-million euro convertible loan.

Approval from the European Investment Bank (EIB) and the Swedish Debt Office is pending, and approval from the Chinese end could take six to 12 months. The company plans that this financing will furnish some mid-term operational needs and will obviously give it access to the Chinese car market - where every car manufacturer wants to be right now.

It’s unclear what kind of operational or production procedures will be shared, but according to reports, Hawtai is keen to expand its production, up to about one million vehicles by 2015. There is no further news about the courting of Saab investment from Vladimir Antonov, but a few days ago offers from him were said to be under consideration, pending approval as well.

If it all pans out, Saab is planning a global tour to introduce everybody and while we’re tempted to say it sounds like an international picnic, the new investment will mark another new chapter in Saab’s recent turbulent history, and quite an ecletic company at that.

Source | Automotive News and Autoblog.com

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General Motors has given initial tentative approval for Russian investor Vladimir Antonov to become a shareholder in Saab, a move which has also been mirrored by approval from the Swedish debt office. According to reports, Saab can expect up to €30 million in financing from Antonov, who is looking like the one option at this stage to save the autocar maker.

GM still has some interest in Saab with redeemable preference shares, and is quoted as saying that the agreement: “requires certain specific actions to be taken by Saab which have not yet been completed, as well as certain formal consents, approvals and waivers which Saab has not yet obtained.”

The process could prove a long one, with agreements still requiring approval from the European Investment Bank (EIB), which leant huge amounts of money to Saab, secured by the Swedish government, not to mention past accusations of Antonov’s involvement in organised crime and money laundering, for which he had to withdraw as a Spyker investor in the past.

Continue reading: Vladimir Antonov to become Saab shareholder

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That Saab is in serious financial difficulty even under its new ownership of Spyker isn’t news to anyone, and neither are we surprised by reports that a Chinese car company could consider a Saab purchase. Despite news that Volvo was denying any negotiations over a Saab acquisition, we wouldn’t be surprised if Geely was interested in expanding its European car portfolio.

At the moment though there has been no company named as such, with Auto, Motor und Sport simply stating that the Chinese could be part of various interested parties. After the Geely purchase of Volvo it would be another example of how the Chinese seem to know how to value European brands that have been neglected and facing bankruptcy under their European or North American owners.

Recently, Saab was looking for funds from the Swedish government while also seeking financing elsewhere but red tape issues with the EIB (European Investment Bank), winding up the General Motors ownership and getting the right approvals have taken time. The details of the “several interested parties” (Eric Geers) in investment are scarce at the moment so we can’t be sure if this would be an outright sale of Saab, or a joint-venture with new owner Spyker.

Whatever the case, if Saab is to survive, it needs funds and soon. With suppliers unpaid and production delays it’s clear that the company is seriously losing money and that new Saab sales are not anywhere near to generating the kind of break-even situation that’s required at the moment.

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Spyker has announced its interest in Saab, in an extremely short statement released to the media late yesterday. The announcement merely confirms that Spyker, together with its Russian shareholder Convers Group, has expressed interest in a possible acquisition of Saab Automobile AB.

Spyker is now on the list of company names that have publicly expressed an interest, and most likely for Europeans it is welcome news. One of the main groups interested in purchasing Saab is the Chinese BAIC, although concerns over intellectual property and future competition mean that a full sale to the Chinese is unlikely.

US finance group Renco and financier Ira Rennert are said to be interested, although Merbanco Merchant Banking US investment firm is said to already have been ruled out by General Motors. Spyker and Saab would certainly be a curious combination and we can’t wait to see the first Saab supercar rendering to emerge.

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As General Motors emerges from bankruptcy, the proceedings of the last few months are being felt in Europe as Saab finalises deals for its sale next month. According to reports a binding agreement to sell the Saab brand to the Koenigsegg Group will occur by the end of the month.

Saab is preparing its new 9-5 for production and its official presentation in September, before sales commence in spring 2010. The Koenigsegg deal would mean that GM transfers equipment to the Trollhättan facilities to manufacture the 9-5.

Saab has been working on its 9-5 business plan, with possible targets of 45,000 units to be produced per year, similar to the current model. The aim is to have a three percent share of the global 1.2 million large car market.

Source | Autocar

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