Volvo Rumored to Want Saab, Automaker Denies

Last week, amidst the ongoing financial and production problems Swedish manufacturer Saab is experiencing, local publication De Telegraaf launched a rumor that the other big automaker of the country, Volvo, has been asked by the Swedish government to step in and save Saab.

As you know, Volvo is currently owned by Chinese company Geely, one of the most active bidders for Saab as well, back in the days when GM was still looking for a buyer. A possible Volvo-Saab deal would have created a Swedish giant, under Chinese rule.

Apparently, the desire of the Swedish government was that, through the tie-up, it would give a better assurance to the European Investment Bank loan received by Saab.

The rumors launched by De Telegraaf have been played down on Saturday by Volvo, who through spokesman Per-Ake Froberg, cited by Reuters, announced that “no such talks have been going on and no such talks are scheduled.”

On a more official note, Saab announced on Friday that the Swedish National Debt Office (NDO) release the pledge on the shares of Saab Automobile Property, opening the doors to a possible sale of the real estate to Russian investor Vladimir Antonov.

The sale is still subject to the approval of the EIB, whose EUR400 million loan to Saab was guaranteed, among others, with the properties of the car maker. The decision to release the pledge on the real estate now means that Saab will only get EUR280 million of that money.

At the same time, rumors about an alliance between Spyker, the current owner of Saab, and one or two Chinese manufacturers, are intensifying.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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