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SAAB BANKRUPT

SAAB

New bidder in the Saab saga shows its hand

Less than 24 hours after Chinese firm Youngman reportedly placed a bid for Saab, another interested party has apparently joined the race to snap up the bankrupt carmaker.

New bidder in the Saab saga shows its hand

Mao Hai, vice president of Beijing Automotive Investment BAIC, told the website ttela.se that the Chinese automotive giant is keen on buying up what remains of Saab possibly in a joint deal with Panasonic, to produce electric cars.

”Yes, we are considering it, but it’s also a rather complicated business,” he said.

It would not be the first time that BAIC has shown an interest in the Swedish firm, after it purchased tools for older Saab models in 2009.

So far however there has been no official word from Hans Bergqvist and Anne-Marie Pouteaux, the official receivers dealing with the Saab case.

“As we have previously made clear, we will not comment on details of individual stakeholders or bid during the sale process.”

According to the financial newspaper Dagens Industri, Youngman’s bid is between 2.2 and 3.2 billion kronor ($327 – $475 million).

Representatives from the Chinese company are reported to be in Sweden already to begin negotiations, while there have been no indication yet of what BAIC may be prepared to pay for Saab.

Much will depend on whether either of the interested parties would want to buy the carmaker in its entirety or just certain parts of it and it is still unclear even if a decision were to be reached soon, how quickly production could restart at the plant.

Deliveries have now been at a standstill for nearly a year and it would take a while to get the process up and running again.

”Even if we were to play with the idea that things could be resolved in a couple of weeks, production not be started earlier than mid-summer,” said Fredrik Sidahl, general manager of the branch organisation representing car suppliers, FKG.

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CARMAKER

VW Scandal: France to launch ‘in-depth’ probe

Update: France's Environment Minister Segolene Royal on Tuesday announced an "in-depth" investigation after Volkswagen admitted millions of cars were fitted with software that secretly thwarts pollution tests in the US.

VW Scandal: France to launch 'in-depth' probe
"This is not a minor subject, it's not about speed or the quality of leather," said the French finance minister of the VW scandal. Photo: AFP

Royal also asked French manufacturers to “ensure that such schemes are not taking place in France.”

Her announcement came after Michel Sapin on Tuesday morning told French radio that in order to “reassure” the public, it seemed “necessary” to carry out checks on cars manufactured by other European carmakers.

“We are in a European market, with European rules that need to be respected,” Sapin told Europe 1 radio.

“Even if it's just to reassure people, it seems necessary to me that (checks should be carried out) also on French carmakers,” he said, adding he had no “particular reason” to suspect wrongdoing.

According to US authorities, VW admitted that it had equipped about 482,000 cars in the United States with sophisticated software that covertly turns off pollution controls when the car is being driven and turns them on only when it detects that the car is undergoing an emissions test.

With the so-called “defeat device” deactivated, the car can spew pollutant gases into the air, including nitrogen oxide in amounts as much as 40 percent higher than emissions standards, said the US Environmental Protection Agency.

“This is not a minor subject, it's not about speed or the quality of leather,” stressed Sapin.

“What we are dealing with is making sure people avoid being poisoned by pollution,” said the minister.

German authorities have already announced an investigation into whether Volkswagen or other carmakers are doing anything similar in Germany or Europe.