Subscribe free to our newsletters via your
. GPS News .




CAR TECH
Chinese and Japanese investors bid for Saab
by Staff Writers
Stockholm (AFP) June 7, 2012


A group of Chinese and Japanese investors have submitted an offer to take over bankrupt Swedish carmaker Saab, a spokesman said Thursday.

"We submitted a definitive offer on April 7" before the deadline for bids expired, said Mikaael Oestlund of the National Electric Vehicle Sweden AB (NEVS).

NEVS, a swedish-registered company founded by a Hong Kong-based company specialised in alternative energy and a Japanese investment fund, declined to disclose the amount of the offer.

The court-appointed administrators for Saab, which filed for bankruptcy in December, refused to confirm an offer had been made or when they might announce a possible candidate to rescue the iconic Swedish brand.

According to Swedish media they could make an announcement as soon as the end of the month.

Chinese carmaker Youngman is also known to be interested in buying Saab.

Swedish media have reported that Youngman placed a preliminary bid in late January or early February of about two billion kronor (220 million euros, $280 million).

Youngman has long been interested in Saab and tried to snap it up before it declared bankruptcy but those efforts were thwarted by the Saab's former owner, General Motors, which balked at transferring the necessary technology licences.

Reports have also surfaced that Indian commercial utility vehicles manufacturer Mahindra & Mahindra has placed a bid as well.

Saab was already on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) -- at the time called Spyker -- for $400 million.

Bankruptcy administrators said in April that Saab had assets to cover only just over a third of its debt of 13 billion kronor.

.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








CAR TECH
Volkswagen targets China in group shakeup
Berlin (AFP) June 2, 2012
Volkswagen, Europe's leading automotive group, announced Saturday a shake-up to increase its focus on the Chinese market and strengthen its heavy truck and bus sector. "This fundamental reorganisation is the right response to the increasing challenges," Volkswagen CEO Martin Winterkorn said in a statement. "At the same time we are laying the foundations for keeping the group and its bran ... read more


CAR TECH
Scientists complete most comprehensive genetic analysis yet of corn

EU farming reform caught in budget stalemate

France to ban Swiss pesticide as bee threat

Brazil farmers in legal feud with Monsanto over GM soy

CAR TECH
The first chemical circuit developed

Copper-nickel nanowires could be perfect fit for printable electronics

Japan's Renesas ups chip outsourcing to Taiwan giant

New silicon memory chip developed

CAR TECH
US calls on EU to abandon 'lousy' carbon tax on airlines

Boeing Delivers Final Wedgetail AEW and C Aircraft to Australia

EADS sees S. America entry with Chile deal

Louis Gallois hands EADS reins to Tom Enders

CAR TECH
Chinese and Japanese investors bid for Saab

Volkswagen targets China in group shakeup

Japan's vehicle output soars 174% in April

Japan's April auto output soars in year after quake

CAR TECH
Sri Lanka's Chinese-built port opens for business

Panama -- what? Nicaragua has $30-bn plan for its own canal

Gabon renegotiating Chinese iron mining deal

Australian shareholders OK Gloucester-Yancoal deal

CAR TECH
Trees grow in Poland through free send-a-seedling drive

Highway through Amazon worsens effects of climate change, provides mixed economic gains

Standing trees better than burning ones for carbon neutrality

'Missing' Borneo radio host says he is in hiding

CAR TECH
Taking action for GMES

CryoSat goes to sea

S Korea to develop geostationary satellite for environmental monitoring

LiDAR Technology Reveals Faults Near Lake Tahoe

CAR TECH
Coatings with nanoparticles that interact with sunlight and eliminate contaminants are developed

Wyss Institute develops nanodevice manufacturing strategy using DNA 'building blocks'

First direct observation of oriented attachment in nanocrystal growth

Stunning image of smallest possible 5 rings




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement