By on October 8, 2011

In a statement issued late Friday, China’s Geely poured cold water over rumors that it is interested in Saab, but confirmed that there was a meeting – because they wanted to be nice. There is another version that says that Sweden’s Finance Minister caused Geely’s Li Shu Fu a massive loss of face, whereupon he took his balls and went home.

“Geely agreed to meet with the relevant party and listened to their pitch out of politeness to Saab’s restructuring team. It was that restructuring team that first contacted Geely through a third party, and they did so hoping that Geely could help with Saab’s restructuring. Geely has no intention to get involved in the restructuring plans of SAAB.” Geely said its executives took the meeting  after they had been first contacted through an unnamed third party.

Sweden’s Aftonbladet has a less polite version: The Swedish paper writes today that yesterday, Friday,  at 3pm, Geely’s chairman Li Shu Fu hat a meeting scheduled with Finance Minister Anders Borg at the Finance Ministry in Stockholm. Li Shu Fu was ready to make a down-payment of €50 million towards a 100 percent ownership of Saab. Instead of the Finance Minister, his State Secretary Hans Lindblad showed up. Snubbed, Li Shu Fu got up and left the building.  Saab is also mighty miffed. Says Aftonbladet:

“Saab has completely lost confidence in their administrator Guy Lofalk and plans to go to the District Court in Vänersborg on Monday to ask to have him removed.”
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13 Comments on “Our Daily Saab: Egg In The Face...”

  • avatar

    What is this, another episode of As the Saab Turns? The finance minister was kidnapped by Victor Newman and replaced by his evil twin brother who is going to make amends by sending a Swedish hooker to Li Shu Fu’s suite and blackmail him into giving up the money.

    It’s getting absolutely ridiculous.

    • 0 avatar

      I agree, they should make a TV series about Saab’s ongoing saga. There’s enough materials there to fill at least one movie. Maybe selling movie rights to Saab’s saga is the way to get the money they need to keep going? Though knowing Saab, that option’s probably been explored already.

    • 0 avatar
      Volt 230

      Motorweek just gave the 9-5 a positive review, this Davis guy is full of it, an over-priced, Epsilon based car with an outdated interior from a company with one foot in the grave. Nice going Mr Davis!

    • 0 avatar

      [seinfeld voice] Newman…[/seinfeld voice]

  • avatar

    I think that pairing Swedish Chef episodes with the daily Saab story can only increase readership.

    • 0 avatar

      Although there are many, I bet Muller et alia will drag this out until Bertel is in danger of running out of Chef epiodes!

      • 0 avatar

        Muller carelessly thought the adminstrator was going to stick to his game plan i.e. PangDa/Youngman with the PhoeniX platform with a nice bit of ‘commission’ on the side. Muller is now beginning to realise that he has been sidelined and needs to do something fast to stop it all trickling away through his fingers. What thats going to be will be interesting to see. But as ever with Saab, will anyone actually outside the industry and a few deluded fan sites actually care?

  • avatar

    Saabs demand on Lofalk is simply ludicrous. They are not in charge. Lofalk is in charge, appointed by the state, to clean up the mess that is Saabs doings. Second of all, the court won’t cave in to demands made by a part with interests in this case, the notion is ludicrous beyond beilef. Thirdly the voice of Saab in this case, is the voices of Müller/Antonov. Of course Lofalk will have to make decisions that the Müller cadre will disagree on, that’s why he’s there in the first place. If they could’ve handled the case in the first place, there wouldn’t be the need of a SECOND reconstruction.

  • avatar

    “…whereupon he took his balls and went home.”

    Wow, talk about tough decision, leave, lose face keep balls, stay keep face lose balls…

  • avatar

    It looks like only American public companies run by hired CEOs are capable of acquiring worthless European companies and paying ridiculously high prices and/or fines for doing that. Ford comes to mind (JLR), or HP, or GM. Well they know that shareholders and taxpayers will hold the bag and whatever happens they will walk away with golden parachute.

    Again – why GM does not just buy SAAB back to save jobs in Sweden and the World peace in general since it looks like US government is out of picture and rich are ready to pay more in taxes? Did they wise up suddenly? Or they simply run out of all possible wrong moves? I mean they would be more than happy to make wrong decision and waste good chunk of shareholders/taxpayers money but already made all possible wrong decisions in the past and cannot figure out how to make another brilliant one. Wait they just transferred hybrid plugin know-how (paid by American taxpayers) to Chinese Government for nothing or may be even paid (bribe) to do that – another wise move to get slaughtered in the near future and make US technologically irrelevant as additional bonus.

  • avatar

    Stories coming out of Trollhatten this morning are suggesting that if the Youngman money doesn’t arrive within the next 48 hours, then Saab/SWAN will be judged to have broken the terms of their Re-Organisation and it will be revoked. And that’s actually in the bank account, not yet another ‘promise’ that its on its way.
    Unsurprisingly, Saab/SWAN are currently in frantic talks with Youngman which I would imagine basically involve giving away most of whats left of the company in order to keep them on board after the loss of face suffered by the Chinese over the weekend.
    BAIC have now confirmed that they want nothing to do with Saab/SWAN either. Geely have issued yet another denial that they want Saab as well.

    As I mentioned higher up in the thread Muller now seems to have been sidelined and was caught totally off guard by Lofalks actions. Yesterday, there almost seemed to be some kind of press embargo as no news getting released about what was a very hectic weekend was very telling as well. I think the Swedish govenment have decided enough is enough and we are now into endgame. If it survives it survives. If it doesn’t the market has spoken.

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