Details and background to the Youngman offer
If we have learned one in the last few months, it is. Press reports should be left quite relaxed and under reserve. Because bad press is good for circulation and traffic. During the night, the message went around that the Youngman offer had been rejected. An assertion that is currently unconfirmed.
Youngman has, a few days ago, made an offer which unfortunately did not meet the hoped-for enthusiasm of the bankruptcy trustee. Depending on the source, there is talk of a purchase price between 250 and 350 million €. Which is considerably less than originally expected. Because it was the sum of 550 million € in the room, a slogan that Youngman has self-published. The bid amount is unconfirmed, therefore subject to be considered.
To get to the point. If this sum is confirmed, it will not be enough. The bankruptcy trustees want to achieve the maximum amount, if necessary by retail sale. Because buyers for operating parts, there are some.
BAIC is interested in the Saab e-Power concept. Together with partner Panasonic, they want to produce electric cars in Trollhättan. No Saabs, all that. There's the neighbor from Gothenburg. He wants to take over the development facilities in Trollhättan. There is the owner of the Gothenburg company. He wants to buy the Saab spare parts division. The list can be continued.
Youngman promises with his concept 1.000 jobs for the restart in Trollhättan. If we start from 3.500 employees, that's very little. I would say that too little is concerned with the proceeds of the sale, but secondly with jobs in the region as well. The question would be with what quantities Youngman expects his concept. There is currently no answer to that.
Back to the Youngman offer and the contract poker. Another uncertainty lies in Detroit. Although Youngman has emphasized that he can not produce GM, this does not seem to be certain, according to a friend from Sweden. The offer should include components that need the blessing of the Americans. The bankruptcy trustees have rightly set the requirements for the buyers quite high. Uncertainties and a disaster like Spyker should not exist for Saab in the future. One has the ambition to send carmakers to the safest possible future. Open flanks and unclear licensing rights are not acceptable. A good attitude that speaks for the clean work of the stewards.
The Chinese have placed a first offer. Talks with the administrators are ongoing. An offer has to be improved again and again. Because Mahindra & Mahindra is now approaching the submission of offers. The Indian concept must be better than Youngman's, the purchase price must be higher.
That's why investors from China keep their powder dry. Even if we want a quick end and a quick success. It's not over, it's just started.
Let's stay calm and wait.
I'm now starting my Turbo X. Driving Saab is fun. That's what matters…
8 thoughts on "Details and background to the Youngman offer"
Our suspicions about the three administrators are increasing every hour - we suspect that these people are doing different things than they previously announced.
Are their revenues increased from unknown sources?
Hopefully we are wrong here and everything is still reasonably right - but SAAB insiders in Trollhättan as well as other investors, please be careful now what this trio is playing !!!
Stay cool. The messages are unclear and targeted disinformation is scattered. The battle has just begun, in a few days we know more!
Something else about the purchase price or the difference. Could it be that Youngman SAAB would like to buy around € 300 million now, and is planning a further € 200… 250 million in investments in the next few years? I mean, I read something like that here weeks or months ago. 300 million is also the value at which what SAAB has to offer at the moment has been assessed. Youngman will probably have enough business acumen not to put down twice the current value as a purchase price - but as an investment over the coming years, why not.
In any case, I think that now the time has come for the others to lower their pants - or take off their magic hat (beret?).
The known investments amount to 3 billion € in the next 4-1 years including the purchase price. That's what Youngman has repeatedly confirmed, and that's still true.
there we are looking forward to the bid of the mysterious Western European automaker, which would like to build in Trollhättan other group cars and Saabs. What would mean it would take a while until the new Saabs would be finished, but GM can get their licenses stuck somewhere else. And the factory in Trollhättan can build another brand for so long. That would mean that would probably need a few more people than 1000. Would be the best for the people, the city and the Swedish government
... what could speak against them, despite all the enthusiasm for Youngman, is the requirement that the Chinese authorities approve the purchase of Saab. As a bankruptcy trustee, I would be very careful here with what Youngman states or presents ...
I agree with you, dear Tom, 100% that none of those involved, and we Saab afficionados even less, would like to experience the next disaster after 1-2 years due to a “full-funded business plan” ...
However, the sale of individual parts would also mean that no SAAB automobiles
would be produced. Therefore, the question arises whether the bankruptcy trustee only possible
If you want to save a lot of money or if you think Saab has no way forward
There are certainly people who see a future for SAAB and want to implement it.
In this regard, however, you feel a little uncomfortable if only the opinion of the bankruptcy trustee counted - Mahindra & Mahindra would have a much better position in the so-called bidding race if the precise future plans were made public from there with the offer (with, of course, much better Specifications than with Youngman-Lotus).
At Youngman-Lotus there seems to be a lot of catching up to do here - improvements are therefore urgently desired!
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