Posted on 06/14/2009 12:10:12 PM PDT by WesternCulture
Koenigsegg, the Swedish luxury sports carmaker set to buy Saab Automobile from US firm General Motors, is confident that the company can be rescued, the firm's co-owner said on Saturday.
GM, which has now filed for bankruptcy protection in the United States, placed Saab on the market in February as part of its attempts to slim down its brand range and return to profitability.
A Sveriges Television (SVT) report on Thursday said Koenigsegg and a group of Norwegian investors had signed a letter of intent to buy Saab.
Bård Eker, whose holding company Eker Group holds a 49 percent stake in Koenigsegg, confirmed his interest in the Swedish automaker in an interview with Norwegian newspaper Dagbladet.
"We think it is possible and we have several good solutions to bring with us into Saab," Eker said.
Commentators in Sweden have questioned whether Koenigsegg, which produces just 18 high-end sports car a year and employs only 45 people, would have the financial muscle or industrial know-how to run Saab.
Founded in 1994 by Swedish businessman Christian von Koenigsegg, the company posted a turnover of 106 million kroner (10 million euros, 13 million dollars) in 2008.
Eker told Dagbladet that there were "several investors" backing the bid.
"But I don't want to comment on the amount of money and who is involved," he said. "I want to make one thing clear. We are not buying Saab just to chop it up. That's not what we do."
The Eker Group was unavailable for comment and Saab spokesman Joe Oliver refused to comment.
GM also kept silent.
"We're not making any comment at this time. We continue to work towards a resolution for the sale of Saab," said GM Europe spokesman Chris Preuss.
Saab sold 93,000 cars worldwide in 2008, according to its website.
It owes 9.7 billion kronor ($1.3 billion, 924 million euros) to GM - its largest individual creditor - as well as 347 million kronor to the Swedish government. Other creditors are owed 647 million kronor.
The automaker employs about 3,400 people in Sweden. Including suppliers, some 15,000 jobs in the country are believed to be at risk if the company were to disappear.
Regards from the West Coast of Sweden. Maybe life here isn't Hell on Earth (among others things Volvo, SAAB and Koenigsegg were born here..)
Swedish West Coast summers are nothing I would wish to apologize for, being a son of Northern Europe:
Well, they are appreciated by some, but only in the more populated areas of the country. I purchased my first Saab in Germany when I was stationed there as a U.S. Army officer. I was hooked.
As far as Jeeps go, they are the only vehicle I have seen (in their price range) that is actually designed for off-road rugged terrain (as opposed to cross country dirt roads like I used to ride on in parts of Germany). They aren't any better manufactured than other American cars, but they are designed well for their intended use. I couldn't get into the location in Pennsylvania where I'm building a cabin without it!
I would advise you to wait until you can buy an authentic Swedish SAAB again. I haven't had any experience with the SAABS built after GM bought the remaining 50% of SAAB from Svenska Aeroplan Aktiebolaget 8 or 10 years ago. But I have heard a few things about them from several people who have had that experience, and to put it diplomatically, what I heard was not always entirely favorable.
Now I want to check out the youtube links you posted.
- Nope.
From what I've understood, there are tons of paper work, red tape and all sorts of unnecessary, ridiculous bureaucracy that “must” take place before the actual takeover is completed.
Among other things, the EU has to contemplate over this burning issue:
If Koenigsegg is “allowed” to buy SAAB, could that possibly harm the competition among European car manufacturers?
From a personal perspective, I sure would like to earn the kind of salaries these EUrocrats do, but I'd rather kill myself than having no other purpose in life than that of being an obstacle to true business dynamics and the spirit of sound entrepreneurship.
Viva Koenigsegg!
- Thanks for doing so even if you probably agree Sweden can't compete with places like Florida and California in terms of beaches and sunshine.
However, like these (amateur) clips indicate, Sweden isn't all snow and ice, alcoholism and lack of sunshine. Furthermore, our beaches and bikini girls existed long before the climate scare of Al Gore and his comrades.
LOL...indeed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.