Saab crisis: No support from GM for the deal

Update 19: 56

The deal failed. The proposal, which was filed in Detroit on Friday and published in details on Sunday in Sweden, is being rejected by General Motors. The argument against the deal goes above all against the participation of a bank from China.

In the participation GM sees a hidden share increase for Youngman. For, according to the internal reasoning, the bank would have no interest as a long-term investor. The shares would sooner or later be passed on to Youngman. However, GM will not accept a share of more than 19,9%.

Did GM have a similar argument with a western bank? Anyway. The signs are not for Saab on storm, but on hurricane.

Now we need ... Yes…. we need a miracle. That is the idea of ​​the evening. Well, I admit miracles are extremely rare, but today an exception could be made.

If it does not come with the miracle, which would not surprise me

Maybe you pull the ripcord, buy Saab without the GM licenses and spend the next 18 to 24 months with the production of the 9-3 Griffin models. Which would be better than letting go of the fish. I could also live well with a new Saab 9-3x ...

Well, there is another way that GM would like. Pang Da and Youngman each take 19,9% and leave more than 60% Muller and SWAN. The financing would be at the expense of the minority shareholders, but the licensing rights would be secure. A big toad that our friends from China have to swallow and Beijing will not like this story.

The Saab Timeline will run until the middle of next week. Then it would be really serious with the unions and bankruptcy threatens. After all, another week. Before that, of course, Lofalk or the creditors' committee could pull the plug.

Let's take a deep breath. I do not believe in a solution with GM anymore. But there is also a life without the uncooperative company from Detroit and there are other ways to go further. Let's wait.

Text: tom@saabblog.net

25 thoughts on "Saab crisis: No support from GM for the deal"

  • Hi Frank, well, with every bankruptcy or similar situation, values ​​(past) are destroyed and wasted. Every owner who sees his “work” going down the stream would be happy if he would find someone interested in saying YES. What then does GM want to get rid of if not the ballast, what else? The chinos will certainly benefit from the super technology. As Tom said, look at the hatchbacks from Audi and BMW. The ideas were brought to you through the 900s old and new, and the CS, and now they are selling a unique Saab idea for a lot of money. In the industry they say: don't throw new money after the broken one. GM can be happy to get something

  • One question arises ...

    Youngman and Pang Da are not allowed to buy Saab - because of the GM licenses.
    SWAN has these licenses.

    Why do not Youngman / Pang Da buy SWAN or get in there?
    Can GM or whoever block it - except VM.
    So they would still get Spyker (if not sold in the meantime - who knows what?).
    And VM would still have more with appropriate offer than if everything goes down the drain.

    I don't know whether the costs would actually be that much higher - purely from the share price or not. However, there are still liabilities from SWAN - but shouldn't Saab's purchase price just cover the + -zero?

    Or is the plan Z if nothing works?

    Otherwise - great blog, great work and my deepest respect for Tom.
    I never actually read blogs, just that and another saabigen.

    Hopefully the new 9-5 SC will come out somehow.

    gruß
    MT

  • If only SAAB hadn't got involved with the aforementioned company in America in the nineties - but back then they probably faked a lot that ultimately didn't come to fruition. Rather the opposite was known to be the case: SAAB was demonstrably fleeced in terms of technology and then got the passport from these arrogant guys!

    You should ignore these guys and - here I agree with some of the commentators and Tom - actually continue with a slimmed-down program on a smaller scale (possibly with the so-called temporary release of some of the employees). GM will stay in America with its licenses and SAAB will continue with plan C or D. Finally without the losers from Detroit - how great Ford did the sales of Volvo and Jaguar on the other hand…. It was just very bad luck - but actually it should be tried somehow differently right now after these destruction attempts by GM !!!!!

    DR

  • what else can you say? GM sucks ...

  • Hi again, well run down would mean that something was economical ...

  • Since it is so very incomprehensible that GM does so stupid. With each Saab built in the near future, they would earn on many parts, and for quite a while on many spare parts (at least for the 9-3) when I look at my works bills.
    If you prevent me from ordering a griffin, I'll never, never never buy what even a part of them contains.

  • Better to forego the 9-5 and the SC and the 9- $ X than let GM push you into bankruptcy ……… .. better an end to horror than horror without end

  • It's not just the 9-3 Griffin. The new 9-5 Limo & Combi and the 9-4X are still 100% GM. That won't go so quickly until Saab gets rid of the GM contaminated sites. In 10 years at the earliest, every new Saab will be without GM genes.

  • Personally, I do not understand that SAAB has not long since said goodbye to GM licenses, just continue to build the 9-3 Griffin until the phoenix is ​​presented from the ashes without GM technology and licenses .. there are certainly enough car manufacturers who share certain technology want to sell .. Just recently, BMw entered into a cooperation with Toyota ......

  • Youngman & Pang Da and some legal subtleties… (says my friend in Stockholm) 😉

  • ... does any of you know Egon Olsen? I discover certain parallels there.

  • What actually happens in case of bankruptcy? As far as I am in the picture, it means that the company is legally released from all obligations. In good German means: All debts, creditors, customers, everything has a value of 0. And then? Suddenly someone might show up and take over everything. But who do you think? Certainly not the Swedish state! - In the case of GM, the company started again after a year and is not doing so badly in the auto business. Well, let's wait and see. We don't see what's going on anyway …….

  • Yes, I agree with that, let's take BMW as an example, it would only produce the 5-class and nothing else would easily survive and in 2 years we would have half a dozen great cars again, GO SAAB

  • Yes dear Frank, it is a veeeery
    big difference between I WANT and I WANT YET NOTHING. In between are worlds, Something is offered and the Chinos want to access, they say I WANT. Everyone has access to it, too
    GM could keep, but he wants absolutely nothing. He does not want others to be enriched by what he had run down, which means: I DO NOT WANT TO DO WHAT I DO NOT WANT.
    Idiots The hell with Georg, Adam and other scrap producers.

  • Tom is waiting for such a scenario. That would be the best solution after this day.

  • But Muller said it was his plan C! 🙂

  • Right! As you said so beautifully at SAAB: Gangsta Motors!

  • Nobody can complain about boredom: VM already has a plan B!

  • The Big Boys played their games, each one was very selfish and at the same time excessively overstimulated. Currently only bloody noses can be seen on all sides. Something like that is called a “kindergarten”. It's all about egos and no longer about cars.

    The situation is now almost hopeless, GM will not allow Chinese investors larger 20%, the NDRC will probably not allow Chinese participation small 20%. Of banks that do not even want to be named nothing is to be expected. The Swedish state has slept for a long time and has been wandering around disoriented ever since. The Russian hope was never one.

    It would be time for a complete takeover by an industry expert with aeoronautischer history. Why not attack Ingolstadt from multiple sides?

  • Another plan?
    You do not happen to know what he's up to this time, right?

  • Pang Da and Youngman should buy SAAB without the GM technique. With the 9-3 models selling the most, SAAB may overwinter the next 1-2 years on clever model pricing and reasonable pricing like Tom says.

    Then comes the successor and later then the new models. I'm tired of this nagging and would finally like to order a new SAAB in peace. Let GM stay with their Korea Chevy and Opel stuff where they are. We do not need the Americans.

  • Sorry, but you have to look at the other side - why do the Chinese want Saab? Because of the technology and the platform. Everything else has already been pledged and sold. Even the work itself ...

    and GM is strong enough to say: Help China because of the small sum - no!

    They won't listen to us fans, we always said GM is dirt and now we praise the 9-5 and 9-4 in the sky. Without sensible diesel, fuel-saving technology, etc. - I don't think GM believes it will suffer damage to its image because of us; we always only complained about GM anyway ...

    Sorry but I'm critical today with me as a fan, look out and love my Saabs anyway, -)

  • I see it that way ... In any case, I will NOT buy any more GM products and if my children / wife should ever arrive with a vehicle from GM, I will be disinherited immediately ...

  • You should put those responsible for GM in the middle of a horde of angry Saab fans. My attitude towards GM has finally reached "hatred" and I am beyond angry.

  • What's this shit all about ?! They want to destroy SAAB with ALL force ...

Comments are closed.