TURKEY: Brightwell maintains Youngman is "jumping the gun" in Saab bid
Potential bidder for bankrupt Saab, Brightwell Holdings, says Chinese manufacturer Youngman may be "jumping the gun," when it comes to putting in an offer for the Swedish automaker.
Turkish private investment company Brightwell, has emerged, along with Youngman, as one of the main names interested in picking up the pieces of Saab, but has yet to come up with a firm figure of its own for any possible bid.
"Technically, there is no bid assembled yet - but the liquidator has not invited a bid," Brightwell Holdings partner Zamier Ahmed told just-auto. "I am sure the administrator is still terribly engrossed in making his own evaluation of the companies and various financial structures.
"I think Youngman may be jumping the gun somewhat because [they] clearly need to understand what they are buying. They are talking about SEK2bn (US$294m), SEK4bn, SEK5bn, how can they arrive at that number? A lot of people have been asking me what kind of number we are planning to bid - even if I had the number ready, there is no way I could reveal that number."
A high-profile delegation from Sweden travelled to Youngman's Chinese operations this week - backed by European automotive supplier body CLEPA - with the Brightwell partner insisting a similar fact-finding mission could occur to Turkey.
Component manufacturer Bosch and a trade union representative were among the party to China, while it is thought political figures from Saab's home town of Trollhattan in Western Sweden were also present.
"If that is necessary and appropriate, we would be happy to invite people to Turkey," said Ahmed.
The receivers Hans Bergqvist from Delphi and Anne-Marie Pouteaux from Wistrand, as well as DLA Nordic lawyer Kent Hagglund, were not on the Youngman visit, but CLEPA CEO Lars Holmqvist told just-auto they would meet the Chinese manufacturer in Stockholm.
A press conference in Gothenburg is due to be held by the receivers tomorrow morning (21 January), although it appears no news will be given. The receivers maintain this will be an "opportunity" for journalists to ask questions.
Earlier this week, the receivers came under fire from Scandinavian supplier body FKG, whose managing director Frederik Sidahl told just-auto: "The information from the solicitors - we don't get any information."
Youngman was not immediately available for comment.