Satch
MB Enthusiast
- Joined
- Nov 24, 2003
- Messages
- 3,508
- Location
- Surrey
- Car
- S211 E320Cdi Avantgarde Estate & Toyota Land Cruiser
GM have walked away from negotiations to sell SAAB and are to arrange an "orderly shutdown".
Oddly enough, last week they agreed to sell the tooling for the previous-generation Saab 9-3 and the Saab 9-5: to BAIC in China......
Press release:
"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.
Saab logoEnlarge Photo GM has announced that it could not close a sale of its Saab division--and that the division will be shuttered. General Motors had been negotiating for most of this year with other car companies interested in acquiring the Swedish automaker. Just last week, GM reached an agreement to sell the tooling for the previous-generation Saab 9-3 and the Saab 9-5 to China's BAIC. GM had negotiated with Swedish supercar maker Koenigsegg to take over the brand, with a $500 million loan guarantee to be arranged with Chinese investors and the Swedish government. Koenigsegg was unable to complete the deal, and GM had until today been in talks with Dutch supercar company Spyker on taking over the Saab name. Those talks have ended, and General Motors now says it will close the Saab brand in an "orderly" fashion--leaving an entirely new 2010 Saab 9-5 on the table without ever putting it in showrooms, and a stillborn 9-4X crossover based on the 2010 Cadillac SRX also falling to the cutting-room floor. GM says it will continue to honor all Saab warranties. General Motors took a 50-percent stake in Saab in December 1989--twenty years ago this month--and acquired the remaining 50 percent in 2000. More details to come--a midday conference call is on the way, and GM has sent out this press release in advance: 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. "
Oddly enough, last week they agreed to sell the tooling for the previous-generation Saab 9-3 and the Saab 9-5: to BAIC in China......
Press release:
"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.
Saab logoEnlarge Photo GM has announced that it could not close a sale of its Saab division--and that the division will be shuttered. General Motors had been negotiating for most of this year with other car companies interested in acquiring the Swedish automaker. Just last week, GM reached an agreement to sell the tooling for the previous-generation Saab 9-3 and the Saab 9-5 to China's BAIC. GM had negotiated with Swedish supercar maker Koenigsegg to take over the brand, with a $500 million loan guarantee to be arranged with Chinese investors and the Swedish government. Koenigsegg was unable to complete the deal, and GM had until today been in talks with Dutch supercar company Spyker on taking over the Saab name. Those talks have ended, and General Motors now says it will close the Saab brand in an "orderly" fashion--leaving an entirely new 2010 Saab 9-5 on the table without ever putting it in showrooms, and a stillborn 9-4X crossover based on the 2010 Cadillac SRX also falling to the cutting-room floor. GM says it will continue to honor all Saab warranties. General Motors took a 50-percent stake in Saab in December 1989--twenty years ago this month--and acquired the remaining 50 percent in 2000. More details to come--a midday conference call is on the way, and GM has sent out this press release in advance: 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. "
Last edited:
--- at least in the short term.
