The Leading Stocks Quotes Powered by Forexpros - The Leading Financial Portal
Turkish bidder for Saab automobile withdraws bid claiming that "GM wants to kill Saab"Monday, 27 February 2012
The Turkish investment company, Brightwell Holdings, which had shown interest in buying over the bankrupt Saab automobile, is reported to have withdrawn its bid. The company which was confident that GM could be convinced has now said that GM, which owns technology licenses and rights of some Saab plaforms has proved unwilling to cooperate according to spokeman Zamier Ahmed.
The Swedish Business daily, Dagens Industri reports that on Thursday Brightwell Holdings had planned to make public its bid for Saab Automobile. The plan was that they will take over Saab Automobile, and to re-employ the majority of the employees at Saab, according to the investment company's spokesperson and board member Zamier Ahmed. But it had teruned out that it has will not be the case.
"The offer has been pulled back. We have been in contact with the administrators. Because of GM's attitude, we can not continue, "said Ahmed Zamier to the paper late on Monday.
On Monday evening stalks with GM finally collapsed.
"Everything was under control and we were awaiting the final feedback from GM. Then they changed their behaviour in the last minute. Unfortunately, I must say I have never experienced such behaviour from a company of that size, "said Ahmed Zamier showing his disappointment.
It is the attempt to reach an agreement on the critical technology licenses, which GM owns the rights to, and production of 9-4X, which did not lead to any concrete results, according Zamier Ahmed.
With regard to technology licenses, GM did not reject that it will pass the technology over, according Zamier Ahmed, but it gave "unsatisfactory conditions."
"It is very simple. We would like to have the answer that they want to cooperate. "
Zamier Ahmed has previously declared that he has had discussions with GM, and that the signals were positive. According to him, he had been in contact with members of GM's top management, which he also met in Detroit.
It was hoped that things would be presented in a favourable way GM on Thursday, along with the bid for Saab.
But Brightwell now sees that there is no way for them to get Saab back on its feet with production of models such as 9-3, 9-5 and 9-4X.
"Our intention has always been to buy Saab and to get Saab to survive, we needed to start production immediately. I can not see how production could be started without the cooperation of GM, "says Zamier Ahmed.
According to him, he and a team of 36 people were working on the valuation of Saab and on a business plan in recent weeks - a work which has cost several millions.
The plan was part of Brightwell Holdings that would regain a majority of Saab's former workforce and a production of 200,000 cars a year within two years.
"We have put a plan on the table to get Saab to survive. GM has not only proven to be unwilling to cooperate. It is also my conclusion that GM wants to kill Saab, "said Zamier Ahmed.
While he lavishes praise on the administrators, which he calls "very professional" he continued that "everyone has worked together with us - the administrators, vendors and people at Saab. We were prepared to invest hundreds of millions of euros, but unfortunately GM have other plans, "said Zamier Ahmed.
By Scancomark.se team
Live Economic Calendar Powered by Forexpros - The Leading Financial Portal
Back to top