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Bid for Saab automobile is almost there - "a few days away": Reports
Friday, 27 January 2012
Turkish Brightwell Holdings is now just days away to make a bid for bankrupt Saab Automobile, according to their spokesperson Zamier Ahmed, reports Swedish business dialty Dagens Industri.

At the same time, Chinese Youngman that has been the front runner to the over the beleaguered automaker seem to have to give up after it became clear that GM will not sell the now bankrupt automaker to the Chinese at any price.

Brightwell Holdings has previously talked about their ambitions to buy the entire Saab Automobile and maintain production in Trollhättan near Gothenburg in Sweden.

On Thursday radio Sweden reported from Gothenburg that the investment company, based in Istanbul, has signed a confidentiality agreement with the bankruptcy administrators, in which the parties undertake not to disclose information on the matters specified in the contract.

This means that the bid Brightwell Holdings place at Saab will be kept confidential, said the spokesman and board member, Zamier Ahmed to Dagens Industri. The company will make an offer soon, added the spokes person.

"We are just a few days, maybe a week away. This is due to some final values that must be done. There has been an enormous task, given Saab's size, resources and all the people involved, "said Ahmed Zamier.

"We will now rather move quickly with a decision, which means that the administrators  will eventually ask for bids from the parties, whoever they are, and take decisions based on it, "he continues.

The administrators have so far kept a low public profile in terms of the sale of Saab's assets. Zamier Ahmed describes them as "cooperative and professional" in the process so far.

Chinese Youngman according to current industry information, make a bid for Saab this week, but so far no such bid have been made known. According to the information from Youngman they were prepared to make a bid of Skr5 billion and to invest as much to the development of new models on the Phoenix platform.

Saab's former owner General Motors, GM, which owns much of the technology of modern Saab models, announced last week that they will not release the license, regardless of the buyer's nationality. It would thus be a major obstacle even for Brightwell Holdings if that view is mentained.

But Zamier Ahmed says he is in contact with "senior people at the top of GM," and that he still believes that GM can be convinced.

"If GM is continuing to issue their licenses, we can begin production within weeks. But if GM, at worst, do not want to go that route, it does not mean that we are not interested in Saab, "said Zamier Ahmed, who says that Brightwell Holdings could nevertheless produce cars because the investment company has a proprietary platform.
By Scancomark.se Team

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