Did we enjoy yesterday too early? Quite frankly, I do not know. The day started with a Saab press release. The discussion with Youngman and a bank in China continues. Exit uncertain. That was 8: 15, already on my first appointment, and an attunement to today's Saab press in Sweden.
The press text in the original:
Trollhättan, Sweden: Swedish Automobile NV (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. ltd. (Youngman) and a bank in China about an equity interest in Swan. Saab Automobile to pay the November wages and continue reorganization. The outcome of the discussions is still uncertain. Any possible transaction would be subject to the approval of the relevant stakeholders.
Swan wants to keep the market informed of any developments.
Then came Hans Hugenholtz. Hugen .. who? Hans Hugenholtz is chairman of the supervisory board of Swedish Automobile, formerly Spyker. In a letter to the Swedish government, he attacks Lofalk sharply. Well, what Lofalk does neither Muller nor Mr. Hugenholtz. At some point it should finally be good with the offended vanities. Because, who wants the state protection of reconstruction, must also accept their rules. Also, if you have chosen the administrator yourself.
In another letter, he offers talks in Stockholm with government officials about changes in the ownership structure.
It goes on. Victor Muller contacts Dagens Industri and makes it clear that it is not the “Bank of China” that will become the new Saab investor. Too bad the Reuters news yesterday sounded very good and the mighty “Bank of China” would have given Saab tremendous tailwind. GM would not want to mess with this shareholder. Would have been a dream. Well, it's “a bank from China”, some way.
Meanwhile, it was after 11: 00, my first appointment and the rumor mill in Sweden continued to boil. Briefly, the news about the ticker that she would like to dispose of Swedish government Victor Muller would like and the business will not agree. Shortly after 11: 00 PM came from the Ministry of Economy's denial.
Let's come to the GM question. Do the Americans agree or not? The Swedish press circulates various interpretations of the subject. Some papers are fed by the Victor Muller faction, others by Guy Lofalk. Depending on the source of information, the other side looks bad and I will spare us this slapstick.
It is difficult, if not impossible, to make an assessment. The information is too unclear. In my opinion, the power struggle between Muller and Lofalk continues. The thing has not yet gone and the impression of Sunday was ... wrong. The problems have not been solved, salaries have not been secured and the Saab future is unclear. Negotiations continue and Saab runs out of time. Not good.
Nothing is heard of Saab itself, but nothing at all. It is suspiciously quiet, too calm for my feeling. Experience teaches us that when Trollhättan is silent there is usually nothing pleasing about it.
At lunchtime today, a very good friend over coffee asked me if I seriously believe Saab will ever build cars again. "Of course they're building cars again," I told him. I hope I'm not wrong.