Scandinavian supplier body FKG says a bid for bankrupt Saab by Chinese manufacturer Youngman, could occur within weeks.
Several companies are thought to be jockeying to make offers for Saab – currently in the hands of receivers – with Youngman and Turkish private equity group Brightwell Holdings among the front-runners.
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A Swedish delegation has just returned from China – at Youngman’s invitation and expense – with FKG noting the seriousness of the potential bid. FKG chairman Christer Palm was one of the Swedish party, with his managing director, Frederik Sidahl, revealing the depth of Youngman’s intentions.
“He [Palm] is suspicious of everything, it is in his bloodstream,” Sidahl told just-auto. “I asked him what you are feeling, this is serious. They [Youngman] really mean to proceed with an offer.
“They said [on 20 January] the week, or the week after next. They will have a strong talk to the lawyers. They are ready to take over production in Sweden.”
Youngman has tried before to acquire Saab, but was frustrated in its attempts by vehement objections from former owners General Motors, which did not want its technology licences to be used.
Suggestions have been floated that any new bidder could use the 9-3 technology, rather than the 9-4X and 9-5 platforms, as well as focus on Saab’s Phoenix architecture.
The FKG managing director also reserved some criticism for the receivers handling Saab’s attempts to find a new buyer. A brief press conference was held on Saturday (21 January), but no concrete news appears to have emerged from it.
“I have been very critical against them [receivers] because they have not talked,” said Sidahl. “What worries [me] is if you do cherry-picking.
“I really want to have a discussion, because what we want as an industry cluster, we would like to keep Saab. That is what we all want – even Volvo wants to keep Saab.”
European automotive supplier body CLEPA CEO Lars Holmqvist, told just-auto it had arranged for a Chinese-speaking representative from Bosch to also be on the Youngman trip, while indicating the manufacturer could put in an offer of around EUR1bn (US$1.3bn) for Saab.
