VW and Fiat are in talks regarding a possible sale of Alfa Romeo. The sale of Alfa Romeo to Audi would also include the Pomilgiano assembly plant in Naples, which once made Alfas, but currently produces the Fiat Panda. Magnetti Marelli, Fiat’s famed parts maker, may also be included in the deal, as Fiat looks to raise cash so it can buy the remaining shares of Chrysler off the UAW’s Voluntary Employee Benefits Association. (Read More…)
TTAC commentator horseflesh writes:
Many moons ago you posted a question of mine on Piston Slap. As requested, today I can share the conclusion of the saga!
I actually wrote almost 1300 words on the story of Grandma’s Park Avenue for my own amusement, and to share with my friends. If you wanted to run all or any of the material on TTAC, you are more than welcome. I pasted it in below after the quoted old email. At the least, I hope you enjoy reading it!
Despite the flood of clumsy eulogies and “don’t worry about the Saab dealer, he owns a Porsche shop” stories making their way into the local media (usually a good sign of a sure thing), Saab may still have some kind of chance at survival (in some form). According to Spyker spokesfolks [via AFP],
Spyker has been in contact with GM today and continues to develop its proposal for the purchase of Saab. Spyker has extended the validity of its proposal therefore until further notice
Merbanco claims to have a new offer as well, as Saabsunited.com reports that they are working with a Swedish consortium that “does not wish to be identified unless they are successful in the bidding.” GM has not issued a statement about Saab today, perhaps because the release writers were too busy with the announcements of a new CFO and the Chevy Equinox’s victory in an “Urban Truck Of The Year” competition.
Shares in the Dutch boutique automaker Spyker soared 23 percent today, reports Reuters, as the firm’s last-ditch bid for Saab goes down to the wire. Spyker, which sold only 43 cars last year and had a market capitalization of only €26.6m as of last Friday, will hear back from GM on its Saab bid by 5pm today. According to Reuters, Spyker has restructured its ownership structure in order to alleviate GM’s concerns about its backing from allegedly mobbed-up Russian financier Alexander Antonov. GM had previously canceled its Opel sale in part because of concerns about its latest technology landing in the hands of Russian investors. Furthermore, Spyker says it that its new offer eliminates the need for a European Investment Bank (EIB) loan approval prior to year end. “We’re very confident we have put forward a proposal that can convince GM in time,” says Spyker CEO Victor Muller. From a more sober vantage point, Swedish Prime Minister Fredrik Reinfeldt warns “we should be careful about fueling new hopes in a situation where the people in Trollhattan, and at Saab and their subcontractors are thrown between hope and despair.”
Corresponding with news that Ford and Geely are close to closing the Volvo deal, Volvo’s unions have expressed skepticism towards Geely, even going so far as to ask that the company be investigated. An ownership company based in tax havens, a history of trademark theft, and minimal transparancy have all worried unions within Volvo. Swedish Engineers at Volvo and the Metalworkers have expressed worries over the lack of information regarding Volvo’s future within Geely. “There’s a great information vacuum” says Magnus Sundemo of the Engineers. “We know very little about what the consequences will be if or when Geely takes over Volvo – We need to have more information, and we need reasonable time to examine the information” he continues.