The owner of a Saab rejects takeover offer Chinese
The Director General of Swedish Automotive, which owns the Swedish automaker Saab, said Friday it had rejected a takeover offer of 100% of capital from Chinese groups Zhejiang Youngman Lotus Pang Da Automobile and Automobile Trade.
"(…) The offer was unacceptable because it would have resulted in the modification of all control clauses, which would have wanted to cause the end of Saab, "he told Reuters at Victor Muller of a telephone interview.
Thursday, Swedish Automotive received a lifeline from North Capital, an investment fund and U.S. hedge fund manager, who made $ 10 million in capital and a loan of 60 million to fund activities Saab.
After opening down more than 10%, the Swedish Automobile action, very volatile, losing to 8:50 GMT, 2.35% to 0.83 euro. Since the beginning of the year, it fell some 75% due to severe cash flow problems of the group.
Victor Muller did not disclose the amount of the offer of two Chinese manufacturers, adding that they were still interested in Saab, they must abide by the terms of the agreement signed in July, stating that they all take 53.9% stake in Swedish Automobile.
Saab went from crisis to crisis this year. It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros.In August, it was no longer able to pay salaries.
Saab was bought by the Dutch Spyker, now Swedish Automobile, General Motors in early 2010.
Since 21 September, Saab has been under the protection of its creditors pending bailout Youngman and Pang Da, who had committed 245 million euros in July.
SAAB can be profitable
A Swedish court has said that he had received a request for release of Saab's system of protection for creditors.
This prospect does not frighten Mascioli Alex, an avid race car, which confirmed to Reuters that his company North Street Capital LP was well invest $ 70 million for Saab to continue operating.
"I expect that the transaction is done. I am ready to do what I can with my resources for Saab," he said by telephone.
The Swedish court said it did not decide on Saab on Friday, adding that he would decide on the reorganization of the manufacturer at the end of next week, at least before a meeting of creditors scheduled October 31 .
Victor Muller said that the Swedish government was not interested in buying Saab.
"There's always a plan B," he said when he was asked what would happen if Chinese automakers abandoned their project.Asked about the plan, Victor Muller said he would reveal "only if we use them."
"It was Victor decide. He struggled a lot to try to save the company. For now, there is an agreement with the Chinese," said Alex Mascioli for his part in response to the question of whether he was willing to invest in the place of Youngman and Pang Da.
Saab is an undervalued asset that will survive and which could generate profits, Mascioli Alex continued, adding that North Street could afford to take Saab if the manufacturer wanted.
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