Subscribe free to our newsletters via your
. Military Space 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
Missile defense system for Europe and potential threat to Russia

Rafael seeks to boost range of Iron Dome

Lockheed Martin Delivers Core Structure for Fourth SBIRS Satellite

NATO activates missile shield, reaches out to Russia

CAR TECH
Pakistan conducts fifth missile test in weeks

Off-target Taiwan missile drill damages car

Akash missile fails a routine test flight

Pakistan tests nuclear-capable missile

CAR TECH
UN backs probe into US drone civilian casualties

Boeing Phantom Eye Completes First Autonomous Flight

US drone strike kills 15 militants in Pakistan: officials

US missiles kill 15 in Pakistan: officials

CAR TECH
India Plans To Launch First Military Satellite

Boeing Demonstrates SATCOM on the Move Between Australia and US

New Mobile Antenna from ASC Signal Designed For Rapid Deployment by Defense and Commercial Users

Researchers Improve Fast-Moving Mobile Networks

CAR TECH
Nine injured, three missing in Bulgaria arms depot blasts

Canada buys simulators to deal with IEDs

Australia lifts suspension on helicopters

Elbit Systems Contract to Supply Advanced Dismounted Soldier Systems to Finnish Army

CAR TECH
Brazil hopes exports will fund defense

India's army chief retires after clash with govt

BAE Systems says to cut 620 jobs in Britain

Treatment of Vietnam vets 'a national shame': Obama

CAR TECH
India 'lynchpin' for US strategy in Asia: Panetta

British army to rely on allies, reservists as cuts bite

China, Russia vow to tighten UN partnership

US sees strategic role for Vietnam's southern port

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