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.