Update: 09: 47
Everything is unclear in Sweden and the Saab day has begun as the day ended yesterday. Two things are where clarity prevails. For one thing, yesterday there was no million dollars flowed via China to Trollhättan, on the other hand, the chance for a demolition of the reconstruction today is almost 100%. Not good. The news is very contradictory and frustrating.
For one thing, Victor Muller promises that the money from China is on its way. On the other hand, Pang Da reports via Reuters that they are no longer bound by the agreement with Saab. Because Saab is now in the redevelopment. Saab denies immediately. Pang Da then delivers a “Letter of Support” afterwards, which is supposed to show support, but is not legally binding.
What's going on behind the scenes has, as always, brought Jonas Fröberg to the point. Saab, he says, is making the final round. And Saab makes his way into the abyss, with the power struggle between Muller and Lofalk playing the crucial role.
The macho fight
Muller and his financier Antonov play a high-stakes game. A game with a chance of total loss. Guy Lofalk, with the help of the government, wanted to solve the EIB loan, then sell the resulting shares to an investor. That would have been the salvation for Saab.
The consequence for Muller would be the immediate total loss of control over Saab. Even the Youngman Deal would have been dropped.
Not acceptable to Muller and his friend Antonov. It is not the first deal the two friends have prevented. Already in March, a Chinese car maker Saab wanted to take complete and failed the duo. They want to play their game to the end, regardless of losses. The consequence: Saab is on the brink.
Yesterday, Muller and Lofalk reconciled. For now and media effective. The reconciliation was sent by SMS to the press. The negotiations with Youngman in Stockholm should have gone well. Money has not yet flowed, but it would go ahead.
Just stupid that yesterday the NDRC issued a warning about investing in Saab for Chinese companies.
The Swedish government, apparently not averse to the idea of repaying the EIB loan, is also no longer involved in the current discussions.
Other interested parties
For months we hear about it. Are there really other prospects, as Saab claims? Jonas Fröberg says there can not be any, because the schedule is too tight. Time is running out, and I'm not sure we're talking about a window of hours or days.
At best, the 20 deadline is October, at worst it's today or tomorrow. An old partner of Saab, BAIC, yesterday refused thanks.
Everything depends on the ongoing negotiations and there will not be another chance. If the big deal fails, which Victor Muller wants to punch through, the vultures circle over the stablebacka. They will secure the fillets, but then we will not see a carmaker.
So much for the situation, which is not pleasant. Something positive? Not really. There is also the famous “Saab factor”. So far, it has always brought a last-minute rescue. Maybe it works, maybe it has been trying too hard for the past few months. We will see,