Beijing Automotive keen to acquire Saab after Koenigsegg pull out
30 Nov 2009
Beijing Automotive Industry Holding (BAIC) is planning to acquire General Motors Co's Saab unit after its partner Swedish luxury car maker Koenigsegg Group abandoned plans to take over Saab last week. (See: Swedish carmaker Koenigsegg calls off Saab acquisition)
China's leading carmaker's president Wang Dazong told reporters in Nanjing today that it will ''move fast'' on Saab. When questioned whether his company would bid alone for Saab or as part of a group, heresponded by saying, ''Stay tuned.''
Last week, the Koenigsegg Group AB, which had the backing of its partners, Beijing Auto, Merbanco Inc. and Renco Group Inc abandoned its effort to acquire Saab after its $600 million loan request from the European Investment Bank (EIB) to restructure Saab was delayed.
Although the loan was finally passed by the EIB late last month, the Swedish government had still to underwrite the loan.
With Koenigsegg Group pulling out from the deal, BAIC was dealt with a severe blow as it was to become a minority owner in Koenigsegg with the deal. (See: Koenigsegg's pull out from Saab deal could hit BAIC's plans)
The Swedish newspaper Dagens Industri said today, citing unidentified informed sources that BAIC and Merbanco may make a joint bid for Saab.
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