SAAB News: Riksgälden handicapped parts sales
It is not really news that comes to us from Sweden. But so that the flood of information is preserved ... Radio P4 Väst continues to take up the Saab topic and writes about the failed sale of Saab Parts AB to an investor. Details of this can be found in the Vänersborg court files, which can be summarized briefly as follows:
The national debt administration wanted to redeem Saab Parts AB for 2.2 billion crowns, exactly the amount that was used to redeem an EIB loan for Saab. Neither Mahindra nor NEVS were willing to pay that amount. For Mahindra a reason not to bid at all, for NEVS a reason to only buy the rest. The logistics and spare parts specialist from Nyköping passed into state ownership. Point.
For the government was about to save face, no tax money should flow into the Saab adventure. For investors, the purchase price was simply too high. Where the thing has two faces. From the perspective of the buyers, who have paid only 9 billion crowns for the Saab Automobile AB, Powertrain, Tools, the factory premises and the licenses for 3-1.79 and Phoenix platform, the price is certainly too high. For almost 200 million euros were a real friendship price. At that time, the camps in Nyköping were pretty empty, as we all know.
The future prospects were uncertain, customers could have left, traders could close and bloggers could pull the plug. It did not happen that way, and Saab Parts AB became a success story. Did the investors have too little courage?
The local press now describes the Nykoping company as a “state cash cow”, and Sweden generates a nice return on this investment.
Today, Saab Parts AB is an interesting distribution and logistics specialist, which, I believe, will expand in the future. The distribution channels are also interesting for other manufacturers, and the cooperation with NEVS is narrower than it seems. How long the state remains the owner, we do not know. Everything is speculation, and quite a lot depends on the future events in Trollhättan. After the summer holidays, it is well known that the chimneys are smoking there again.
Text: tom@saabblog.net
Hello Tom ,
Thank you for always keeping us up-to-date and reliable with your really great written reports. However, it would be absolutely great if you could still translate the crowns into euros for Saab drivers who have never moved their car in Sweden like me. I have absolutely no idea or a feeling for what 1 billion crowns is so valuable.
Hello Peter - no problem. I feel like I'm half a Sweden. 1 million kroner is 116.367,02 EUR and the Saab Parts would have cost 256.007.447,48 euros.
@Peter (and everyone who had the same question),
here is the current exchange rate in both directions: 1 €: 8,59SEK / 1SEK: 0,12 €
@ Tom,
I would also like to say a big thank you for the regular reports and information that is part of the daily reading. The “white knight” I had hoped for from time to time did not come after all. But NEVS surprised us positively, and that after their “confusing tactics” after the SAAB takeover. But nobody seems to be really surprised about the “peculiar” behavior of the oh-so-clean Swedish state. Thanks Tom for the well-founded background information.