In a surprise move, Swedish supercar maker Koenigsegg is making a pitch to takeover GM subsidiary Saab. This brings the total number of potential buyers to three.
Koenigsegg's competition for the Swedish brand will be tough. Up until now, U.S. holding firm Renco Group was believed to be the most-likely candidate. Renco Group, run by billionaire Ira Rennert, has held various ownership in heavy vehicle maker AM General, as well as several steel companies.
Renco also holds ownership of Inteva Products, a company which already designs parts for Saab through a contract with GM.
Apparently, the also-ran competitor trying to get a piece of Saab is Fiat. The Italian company had also placed a bid on the rest of GM Europe operations, including Opel and Vauxhall. However, a team led by Canadian autoparts maker Magna has apparently won that deal.
Saab previously won protection from creditors, making it more insulated when GM inevitably files for bankruptcy. An extension of this shielding should be approved by a Swedish court later this week.
GM expects to complete a deal on Saab in the next few weeks.
Swedish Supercar Maker Koenigsegg Bids for Saab
Koenigsegg CCXR Edition
By Zack Newmark
June 1, 2009 1:51 PM
Filed Under: Corporate/Financial, European, Industry, Koenigsegg, Saab, Supercars
Comments
hell666
June 1, 2009 2:40 PM
Wow Koenigsegg is potentially the best owner for Saab I could imagine. Surely the interiors would get a total re-do, and perhaps some really 'super' offerings could come out hint hint Aero-X...
Bristol411S3
June 1, 2009 2:53 PM
Are you mad? Any car maker needs its investors to have very deep pockets at the moment. Especially SAAB, which has already been told it won't get a bailout from the Swedish Government. I can't imagine Christian von Koenigsegg's wealth is anywhere near enough to sort SAAB out; nor his influence great enough to win the backing of people with the reserves of cash he'll need.
ivanadrive
June 1, 2009 2:51 PM
Seriously, what is Fiat going to do with Saab? Saab and Alfa Romeo are targeting an overlapping audience: people who want a non-German (i.e. not BMW or Audi), sporty (or at least appearing that way) car that has a unique personality. If I'm not mistaking, Alfa isn't doing all that great and Fiat's other sub-premium brand Lancia is near dead. So Fiat is either trying to acquire GM technology (from the upcoming 9-5) or trying to kill off a competitor, or both.
Xanavi23
June 4, 2009 11:02 PM
Saab is Swedish and with their use of a turbocharged 4 cylinder engine that makes about 210 in the 9-3 aero, they're unlike german cars. Especially the way they drive, lotta understeer.
They're different cars, its a good thing.
Edited by user on June 4, 2009 at 11:05 PM
joelynn
June 1, 2009 4:41 PM
is Alfa in trouble? I thought the MiTo was doing pretty well- i see them everywhere... and every other action movie has a 159 in it.
Saab should be owned by someone with passion so I can see koenigsegg working out
tootall
June 2, 2009 1:08 AM
Yes! Koenigsegg need to be in comand of this ship. Sabb would be much better off.
Razz
June 2, 2009 11:29 AM
If there is in this world one proper company to take the Saab in this situation, this would be Koenigsegg .. they are Swedish, they are brave and about the cash to be injected to the SAAB, i rather think they will get some Gov. help than making their own investments. Go Koenigsegg .. take the SAAB and make some cars !!
alessandro
June 2, 2009 12:07 PM
First really good news in crisis time. A wise decicion and whimsical in a best way too. Oh'- good luck!
TJ
June 2, 2009 4:00 PM
That'd be fantastic! I can't wait for it. Go pick up your own fellow, Koenigsegg. Definitely will be the best deal in this uncertain circumstance.
Xanavi23
June 4, 2009 11:03 PM
All the power to Koenniggs. Ive always liked SAABs, i love the curren 9-3 aero, its a hell of good looking car.
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