Europe’s automotive supplier body, CLEPA, believes Chinese manufacturer, Youngman, is the only “sensible” solution for any rescue of Saab, following the rancorous withdrawal of Turkish private equity company, Brightwell Holdings.
The Istanbul-based operation pulled out from the bidding process citing what it described as “intransigence” from former Saab owner General Motors – leaving Youngman among a handful of prospective buyers – including potentially Indian operation Mahindra & Mahindra.
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“GM just refused,” CLEPA CEO Lars Holmqvist told just-auto. “The only sensible solution is Youngman because they seem prepared to operate with only the 9-3 and with some of their own product. They are, I think, the only possibility if you want to run Saab.”
The CLEPA CEO added he did not view Mahindra & Mahindra as a realistic prospect, due to the same reason Brightwell bitterly ended any deal.
“Brightwell pulled out and for the same reason I believe Mahindra & Mahindra will pull out; that is because they did not see any chance to operate Saab without the licence from GM,” said Holmqvist.
However, should Saab be sold in its entirety rather than piecemeal as some have speculated, this would inevitably lead to disappointment among other bidders, the CLEPA chief conceded, although a parts disposal may yet be on the cards.
Volvo has expressed an interest in acquiring assets from Saab that could include machinery, test equipment and tools, but may have to go through the Swedish government as its National Debt Office (SNDO) has pledges in the bankrupt automaker’s parts business and tool manufacture.
“Realistically, what is Volvo’s interest?” said Holmqvist. “Of course, lots of bits and pieces. They don’t think they will get them for free, but they will get a heavy discount. They are building factories [in] China and they need a lot of bits and pieces.”
The Detroit automaker was not immediately available for comment.
