New Changes in the Process of Acquiring Saab
There have been a lot of changes occurring in the negotiation process of buying out the automobile manufacturer ‘Saab’. Saab has been the premium choice of people for generations. Many well-known and big companies are approaching the Chinese manufacturers for the same reason. Earlier Koenigsegg was interested in buying it out but now going by the reports coming from Sweden; around three independent groups have shown ample interest in acquiring Saab.
Saab is manufactured by the Chinese automaker Beijing Automotive Industry Corporation. With the venture turning out to be successful, the automakers would have become a minority investor in Koenigsegg. But as the company backed out, the Chinese automakers approached General Motors at the earliest. But as per recent reports, two more independent American investment groups, namely, billionaire investor Ira Rennert’s Renco and Wyoming-based Merbanco are also interested in procuring the brand for themselves. These are the latest brand names in the market showing interest in acquiring Saab.
On Thursday itself, Christopher Johnston, who is the President of Merbanco, affirmed the news in an interview with Bloomberg. He said that the company has every inclination to hold a majority share in Saab. Johnston said he doesn’t go by the fact that after the buyout of Saab, the Chinese automakers would close their operations. According to him “Whoever buys Saab, or if GM keeps Saab, there’s a lot of work ahead but I believe that the company should survive.” This indicates that he has faith in General Motors and expects it to do well in the future as well.
Though the reports have been confirmed by the spokesperson of Saab, yet officially, there has been no declaration of any formally written proposals so far by any group. Saab’s spokesperson, Gunilla Gustavs confirmed to Reuters that they have had quite close discussions with several companies. He also said that the companies which are interested in buying Saab are maintaining close contacts with the Chinese Automobile Corporation.
In an interview with the TT news agency of Sweden, Maud Oloffson, the enterprise minister of Sweden said that the government has no role in finding out a buyer for the Chinese automakers. He shared that, “It is Saab owner General Motors that should find a new buyer, not the government.” General Motors is solely responsible for searching out a new buyer for Saab. He has also expressed his opinion and appreciated the fact that General Motors is quite positive about the venture.
