From Reuters:
‘Volvo is interested in Saab ‘
LONDON (Reuters) – The Swedish carmaker Volvo expects soon a “request” of the Swedish government to take over Saab.
This is reported bij De Financiele Telegraaf (DFT), which relies on anonymous sources within Volvo. Swedish government officials would already have held discussions with the management of Volvo, which would not be unsympathetic to acquiring Saab.
For Sweden, acquiring Saab by Volvo, which since last year is in the hands of Chinese car maker Geely, gives more certainty about the repayment of the loan of 400 million euros that the European Investment Bank has provided to Saab. The Swedish government guarantees the loan.
Saab was acquired early last year by Dutch luxury sports car manufacturer Spyker Cars, but is in serious financial trouble. Production came to a standstill in recent weeks because suppliers refused to supply spare parts due to late payment.
Updated
(Adds Spyker declining to comment)
The newspaper said the Swedish government was interested in Volvo taking over Saab as it could mean a greater assurance that a loan from the European Investment Bank (EIB) granted to Saab and guaranteed by Sweden would be repaid.
(Reporting by Patrick Lannin in Stockholm and Roberta B. Cowan in Amsterdam; Editing by Jon Loades-Carter and David Holmes)
Updated
Volvo Cars denies report of possible Saab bid
(Adds Spyker declining to comment)
(Reuters) - Chinese-owned Swedish car maker Volvo has had no talks on possibly buying rival Saab and none are planned, the company said on Friday, denying a Dutch newspaper report.
De Telegraaf had cited unnamed sources close to Volvo as saying the Swedish government was talking to Volvo Cars, owned by China's Geely, about the latter's possible interest in bidding for Saab.
"No such talks have been going on and no such talks are scheduled," said Volvo Cars spokesman Per-Ake Froberg.
It is obvious it was a communication behind closed curtains between the government and Volvo-Geely about SAAB.
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