SWEDEN: Volvo Car bids for Saab test gear

[Steve McF]

SWEDEN: Volvo Car bids for Saab test gear

24 February 2012 | By: Graeme Roberts

Zhejiang Geely-owned Volvo Car has made a bid for Saab's automotive assets, according to local reports.

SwedishWire.com citing Swedish Radio, said Volvo Car had previously announced an interest in purchasing Saab's test equipment and machinery.

Officials from Volvo Car would not divulge details and company spokesman Per-Åke Fröberg said: "It's up to the bankruptcy administrators to comment on the bidding."

Fröberg added that the company was still interested in purchasing Saab's test equipment and machinery.

© 2012 All content copyright just-auto.com.

[Steve McF]

SWEDEN: Volvo still circling Saab tooling as receivers plan update

27 February 2012 | By: Simon Warburton

Further details are expected to emerge tomorrow (28 February) from Saab's receivers concerning potential purchasers of the bankrupt automaker, with Volvo confirming its interest in the automaker's parts and tooling.

The receivers at Wistrand in Gothenburg are due to outline what progress has been made in their quest to find a buyer for the manufacturer, although fellow-Swedish company, Volvo, has expressed an interest in acquiring parts and machinery.

Volvo has already told just-auto it is continuing its recruitment process involving some ex-Saab employees, although it stressed it was not targeting the bankrupt manufacturer's engineers specifically.

There are also several other potential buyers of Saab, with Turkish private equity company, Brightwell Holdings and Chinese manufacturer, Youngman, as well as Mahindra & Mahindra, thought to be interested.

"There is a press conference tomorrow...where they comment on the status of the whole thing," a Volvo spokesman in Sweden told just-auto.

"What we have said is there are assets in the bankrupt estate that are of interest. We are talking about machinery, test equipment, tools, et cetera, but if we have put in a bid for this or not, it is up to the receivers to comment."

Any bid by Volvo for tools and machinery may have to be processed through the Swedish government as its National Debt Office (SNDO) has pledges in Saab's parts business and tool manufacture.

A loan guarantee of US$324m by the SNDO was recently repaid to the European Investment Bank, with the government noting it should be able to recoup that money through a tools and parts sale.

© 2012 All content copyright just-auto.com.