Rumours and speculation continued to swirl around General Motors’ unit Saab as both Geely Automobile and Dongfeng Motor Group of China denied they were interested in buying the brand.
Sources told Reuters that GM had received interest from several potential bidders including Geely and Dongfeng but a senior Geely executive subsequently told the news agency in Shanghai that his company had not held any talks on the Saab brand and was not interested in pursuing foreign brands.
A Dongfeng spokesman said the company had not held internal discussions about a possible bid for Saab brand, adding he was unaware of any interest by his company in bidding for the brand.
Geely has also been reported to be in preliminary talks with Ford about a Volvo sale although a Geely spokesman told Reuters his company had no plans to buy Volvo.
Reuters’ sources said GM had received interest from about five potential bidders for Saab including private equity firms and representatives of retired Swedish workers.
GM had not yet begun an official auction for the Swedish brand but expected to have preliminary financials for Saab ready in a few weeks, according to the news agency’s sources.
GM would like to pursue a quick first round of bids soon after it has sent out the financial material to interested parties, they added.
Go deeper with GlobalData
