Saab deal on the table
05-12-2009, 11:04 AM
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Saab deal on the table
Two or three bidders are left in the race to take over carmaker Saab AB, all of which have signed letters of intent to buy the General Motors Corp. unit, Swedish news agency TT reported Monday.
In the documents, the potential buyers outlined their plans for Saab and what they are prepared to pay for the ailing unit, TT said, citing Guy Lofalk, a Swedish lawyer involved in Saab’s reconstruction process.
Lofalk didn’t immediately return calls seeking comment.
Saab went into creditor protection in Sweden on Feb. 20 in an effort by GM to spin off or sell the unit.
Last week, Italy’s Fiat said it was interested in buying the company together with GM Europe’s other brands — Germany’s Opel and Britain’s Vauxhall. Chinese automaker Geely Automobile Holdings last week denied reports it was bidding for Saab.
Saab officials have previously said they expect to complete the sale by the end of June.
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In the documents, the potential buyers outlined their plans for Saab and what they are prepared to pay for the ailing unit, TT said, citing Guy Lofalk, a Swedish lawyer involved in Saab’s reconstruction process.
Lofalk didn’t immediately return calls seeking comment.
Saab went into creditor protection in Sweden on Feb. 20 in an effort by GM to spin off or sell the unit.
Last week, Italy’s Fiat said it was interested in buying the company together with GM Europe’s other brands — Germany’s Opel and Britain’s Vauxhall. Chinese automaker Geely Automobile Holdings last week denied reports it was bidding for Saab.
Saab officials have previously said they expect to complete the sale by the end of June.
More...
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