11th Hour Saviours Flood In For Saab
Four consortia have made last ditch bids for Saab after General Motors announced its intention to shut down the Swedish car company.
Amongst those involved in trying to save Saab is Bernie Ecclestone, the Formula 1 guru who said that Saab is ‘ a good brand that has probably been neglected by its current owners”. It has not been revealed how much he is personally offering for the purchase.
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Another Swedish Brand Succumbs
Hot on the heels of Saab’s likely demise, another iconic Swedish brand, Volvo, is to be sold to the Chinese.
Ford announced last week that agreement had been reached to sell its subsidiary, Volvo Cars, to China’s Geely Automotive for a reported $AUS 2.26 bn. (Ford acquired Volvo for $6.45 bn. US just ten years ago).
Saab To Shut Its Doors
A last ditch attempt to sell Saab to Spyker Cars has failed, forcing General Motors to announce “an orderly wind-down of Saab operations”
The demise of the very distinctive, if slightly quirky Swedish car maker is a direct result of the Global Financial Crisis and General Motors plans to dispense with its non-performing overseas assets.
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