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SAAB BANKRUPT

SAAB

Several bids for Saab: administrator

Several companies have placed preliminary bids to buy bankrupt Swedish carmaker Saab, one of the administrators said on Tuesday, refusing to disclose their identities.

Several bids for Saab: administrator

“We have received a few indicative bids,” Hans Bergqvist told reporters in an audio conference, adding: “the indicative bids are interesting.”

He would not disclose who had placed the bids, nor the amounts involved but reiterated that the aim was to sell all of Saab, which filed for bankruptcy on December 19th, instead of selling off parts of the company.

He repeated that there were four or five parties interested in buying Saab. He said most of them were from abroad but at least one was from Sweden.

Swedish media have reported that Chinese carmaker Youngman placed a

preliminary bid last week of about two billion kronor (227 million euros, $298

million).

Youngman has long been interested in Saab and tried to snap it up before it declared bankruptcy, but those efforts were thwarted by the Swedish brand’s former owner GM, which balked at transferring the necessary technology licences.

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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.