stig
ISRC Member
Turbo lag is a courtesy head start...
Posts: 278
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Post by stig on Nov 25, 2009 16:40:47 GMT
www.cnbc.com/id/34128703Cliffs: Koenigsegg backs out of deal to buy Saab. GM stuck with a dead brand. "Wind-down is likely". I'm not expecting much. I can't see much of a reason for anyone to buy the company. RIP, Saab, it's been a good run. Hopefully I'm speaking too soon.
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Frederik (PC)
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†ISRC Dedicated Since 2006
Posts: 380
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Post by Frederik (PC) on Nov 26, 2009 23:28:27 GMT
Aww Stig. Still hoping for someone to buy out Saab? Well, personally, I'll tell you - and this is not to ruin your confidence - I don't see anyone buying the company any time soon. I would be somewhat surprised if someone does, but I definately wouldn't be surprised if no one does buy it. Had to say it.
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stig
ISRC Member
Turbo lag is a courtesy head start...
Posts: 278
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Post by stig on Nov 27, 2009 0:25:26 GMT
I'm not expecting much. I can't see much of a reason for anyone to buy the company. RIP, Saab, it's been a good run. . I'd be hugely surprised if there was a buyer. It's a company that's posted a profit... once? in the 10 years that GM has had their grubby hands in it. Right now there is no reason other than brand loyalty to buy a new one, and it will take years to recover from GM's interference and actually be a profitable company. In this economy, nobody wants to buy something like that. Of course, it doesn't help that GM wasn't in talks with any of the other bidders.
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Post by kat (PC) on Dec 1, 2009 6:54:10 GMT
Yeah, it was in the papers here last weekend. But it said that Koenigsegg was still to work out a deal and it wasn't 100% confirmed yet. Although, me thinks GM are greedy bastards and just want too much money. They also wrote Saab sales had dropped 35% in the last year. That's a lot.
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Post by Bandit (PC/PS3/4) on Dec 2, 2009 12:12:10 GMT
There are rumours here in Holland that Spyker is planning on bidding on Saab ...
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stig
ISRC Member
Turbo lag is a courtesy head start...
Posts: 278
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Post by stig on Dec 2, 2009 22:26:10 GMT
Apparently Spyker wants in... but they haven't posted a profit since 2000, either. Broke company paying however many billions for an even more broke company? Doesn't seem like formula for success to me.
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Post by Bandit (PC/PS3/4) on Dec 19, 2009 0:06:25 GMT
Hmm, the Dutch news suggest right now you might have started the right thread here, Stig .. Spyker has withdrawn from bidding on Saab and even though some contents of it have been sold to some Japanese company, the rest seems pretty much dead .. Here's the picture the Dutch news used to bring this message: Bandit
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stig
ISRC Member
Turbo lag is a courtesy head start...
Posts: 278
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Post by stig on Dec 19, 2009 2:58:50 GMT
The stuff for the current 9-3 has been sold to Beijing Automotive or something. That being said, Saab is done. media.gm.com/content/media/us/en/news/news_detail.html/content/Pages/news/us/en/2009/Dec/1218_Saab_Release[/i] “Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.” Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world. As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale. As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands – Buick, Cadillac, Chevrolet and GMC – and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model. A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time.Detroit. General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations. “Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.” Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world. As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale. As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands – Buick, Cadillac, Chevrolet and GMC – and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model. A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time. [/quote]
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stig
ISRC Member
Turbo lag is a courtesy head start...
Posts: 278
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Post by stig on Dec 19, 2009 15:57:52 GMT
My car.... it knows
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Post by kat (PC) on Dec 20, 2009 7:14:34 GMT
In other words, GM wanted too much bloody money.
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Post by Bandit (PC/PS3/4) on Dec 20, 2009 17:44:46 GMT
Spyker has renewed their bid today..
It will be the last possibility for Saab to survive, according to Dutch media ...
I hope they'll take it.
Bandit
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stig
ISRC Member
Turbo lag is a courtesy head start...
Posts: 278
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Post by stig on Dec 20, 2009 17:56:10 GMT
^Agreed. *fingers crossed*
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Post by kat (PC) on Dec 23, 2009 7:58:22 GMT
Didn't i hear something some time ago that the Swedish government was wanting to buy it? Or was that Volvo? I dunno, just something that sounds familiar.
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Post by Bandit (PC/PS3/4) on Dec 23, 2009 18:48:34 GMT
Volvo is almost sold to yet another Chinese company ...
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Post by Bandit (PC/PS3/4) on Jan 8, 2010 17:49:36 GMT
Hmm, Dutch media report that Bernie Ecclestone himself made a last minute bid on Saab ..
I wonder what's that supposed to mean ...
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