EIB Says No To Antonov. Suppliers Say No Scrooge McDuck Will Save Saab

Bertel Schmitt
by Bertel Schmitt

Now that it has been first leaked then confirmed that the European Investment Bank EIB will not let Russian financier Vladimir Antonov get close to Saab, Antonov says he had known that all along.

Antonov’s spokesman Lars Carlstrom told Reuters that his boss “has known for a few weeks that the EIB would not let him invest in the iconic Swedish car firm,” Reuters reports. That revelation should come as another blow to Saab’s crumbling bastion of enthusiasm, Saabsunited, which had reported just yesterday that “Antonov is trying to save the situation.”

With the troops left dazed and demoralized, the generals practice the ancient art of finger pointing.

  • Carlstrom told Reuters that the EIB is taking its cue from the Swedish government, and that “the Swedish government has stopped us investing 100 million euros ($143.6 million) in Saab. They are ready to risk 4,000 jobs.”
  • At the Swedish government, Ministry of Enterprise, Energy and Communications spokeswoman Johanna Martin said today: “We have been clear all along. When the EIB and GM give their approval, we are ready to do the same.”
  • GM had given its approval back in April, but attached a long list of conditions, which were kept secret and most likely unmet.
  • The EIB broke its silence today and said that its loan to Saab had been made under the condition that Antonov is not part of the deal, Dagens Industri reports. The bank had made that clear in 2009, and it had not changed.
  • Carlstrom says Antonov still wants to be an owner in Saab and is working on a way to repay the 217 million euro loan due to the EIB, and that a deal should be coming in a few weeks.

While the principals hold hands and sing Ring around the Rosy, there are unambiguous words from the parties that really hold Saab hostage: The suppliers. No parts, no cars. No money, no parts. The suppliers have had it, and they are busy driving Saab — into bankruptcy.

Lars Holmqvist, head of the European supplier association CLEPA, told Dagens Industri:

The important thing for us is that Antonov is not a solution. This is not a matter where a Scrooge McDuck goes in with a lot of money. The basic problem is that Saab does not sell cars. They sold 28,600 cars last year. One cannot survive on that in our industry.”

From the bunkers of Trollhättan comes the latest and possibly last sign that the end is near . Writes Saabsunited:

“Lars Carlström states to SaabsUnited that this makes it clear that government has played a double role in the matter having one version of the story to the public, Saab and Vladimir Antonov and another inwards. They have effectively lied to the Swedish people, Saab and everyone else which could have caused damages in amounts as high as billions of swedish crowns. There has been several hundreds of lawyers involved in this process and has taken a lot of time and resources away from both Vladimir Antonov and Saab.

This could very well cause a crisis inside the government of the country and could potentially lead to a change in leadership!”

Hubris till the bitter end. Can’t run a car company, but threaten to take a government down with them. The revelation that Muller and Antonov may have lied to the troops will come after the last stages of grief have taken their due course.

Bertel Schmitt
Bertel Schmitt

Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.

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  • GS650G GS650G on Jul 28, 2011

    How about Malcom Bricklin ?

  • 1000songs 1000songs on Jul 28, 2011

    Forgive me if I'm missing the obvious here, as my narcolepsy tends to flare up whenever I see a SAAB, never mind read yet another article about the company's imminent demise; if the EIB is vetoing the injection of dirty money from Antonov, isn't the answer to pay off the EIB loan? I know that's easier said than done, given that the company is broke and they owe an ungodly sum to the EIB, but still, isn't the answer just to get rid of the EIB???

    • CurtInFalcon CurtInFalcon on Jul 28, 2011

      This is precisely what Saab is attempting to do. They are working with commercial banks to take on the loan so that Antonov can ride in and save the day. I'd be very suprised though, to see any bank take on such a risky loan.

  • 1995 SC At least you can still get one. There isn't much for Ford folks to be happy about nowadays, but the existence of the Mustang and the fact that the lessons from back in the 90s when Ford tried to kill it and replace it with the then flavor of the day seem to have been learned (the only lessons they seem to remember) are a win not only for Ford folks but for car people in general. One day my Super Coupe will pop its headgaskets (I know it will...I read it on the Internet). I hope I will still be physically up to dropping the supercharged Terminator Cobra motor into it. in all seriousness, The Mustang is a.win for car guys.
  • Lorenzo Heh. The major powers, military or economic, set up these regulators for the smaller countries - the big guys do what they want, and always have. Are the Chinese that unaware?
  • Lorenzo The original 4-Runner, by its very name, promised something different in the future. What happened?
  • Lorenzo At my age, excitement is dangerous. one thing to note: the older models being displayed are more stylish than their current versions, and the old Subaru Forester looks more utilitarian than the current version. I thought the annual model change was dead.
  • Lorenzo Well, it was never an off-roader, much less a military vehicle, so let the people with too much money play make believe.
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