Youngman Eyes Fresh Bid For Saab-Sources
Chinese group Zhejiang Youngman Lotus Automobile could make a fresh bid for failed Swedish carmaker Saab next week, sources with knowledge of the situation said on Wednesday, Reuters reported. Saab was declared bankrupt by a Swedish court in December after protracted rescue efforts by owner Swedish Automobile. A key stumbling block was the refusal of former owner General Motors to allow its technology, which underpins Saab cars, to fall into Youngman's hands. The Chinese group remains interested and is prepared to make an offer, which one of the sources said would be worth several billion Swedish crowns. A second source with knowledge of the process confirmed that a bid was likely next week. Neither would say how Youngman would get round GM's objections. The lawyer representing Youngman has said that the firm would seek to develop technolgy not controlled by GM. Both sources said there were risks to a bid because receivers were preparing to sell parts of Saab's business to engineering firm Semcon. That would leave little for a buyer interested in continuing to build cars, the sources said. Read more.