Analysts see the EIB saying “no” to the Antonov as part of Saab


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Friday, 22 July 2011
Lars Holmqvist, CEO of European subcontractors’ organisation, CLEPA, which supplies parts to Saab automobile, said that the European Investment Bank will not accept the Russian businessman, Vladimir Antonov as co-owner of Saab. This could lead to the total wipe out of Saab automobile from the Swedish car manufacturing map.

According to information and reports from the Swedish presses, the European Investment Bank has decided not to accept the Russian financier, Vladimir Antonov as co-owner of Saab Automobile.

The bank would not comment on anything related to the issue and the Swedish government could still provide no answer to Saab question relating to the admission of Antonov into the company.

Yesterday, news came from Saab’s plant in Trollhattan, near Gothenburg that the restart of the plant and car building is to be postponed to a later date. Voices are now calling for the only salvation of the company being that the Russian businessman, Vladimir Antonov should be partners rather than part owner to Saab.


Lars Holmqvist is not convinced.
“The European Investment Bank (EIB) will not let Antonov as long as they borrowed money to Saab, a decision has been taken and I do not think they will reconsider it,” said Holmqvist to radio Sweden frequency, P4 West.

“Since, this is such a big amount of money, Antonov has said he is prepared to inject Skr1 billion if Saab can find other investors who can inject in more money. I think we're talking about very large sums, and if one were to solve the EIB issues, while paying providers, we should be talking about a liquidity need of Skr4 to 5 billion today. Then the plant will be operated for an extended period and it will not turn to profit during the first few years anyway.”

Talking about how much money could be needed, Holmqvist said about at least Skr10 billion.
Antonov seem to be the last option for Saab. Holmqvist said that:
“Unfortunately, I do not think there are any other options for Saab. Unfortunately, we are seeing the end of Saab. They have survived a long time because of short-term solutions where they had succeeded in tricking the providers to deliver and then not be able to pay.”
By Team

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