Youngman Reenters Saab Bidding War
The Saab saga continues…
Just a few weeks ago, Zhejiang Youngman Lotus Automobile – no, not that Lotus – was pushed out of the bidding ring for Saab due to what Autoweek called “Chinese bureaucracy” and the fact that there were some worries about the Chinese firm coming up with the scratch needed to finalize the deal.
This allowed a group of Chinese businesses, headed up by an alternative energy firm, to swoop in and take the lead on bidding. It looks as if Youngman isn’t quite ready to throw in the towel just yet, as according to Bloomberg the Chinese firm has just entered in a new bid of 4 billion kronor ($552 million) to purchase the bankrupted Swedish automaker.
The true test here is if this bid is even accepted. Youngman’s first bid was flat out rejected by GM. The second bid went belly up for similar reasons, we can only assume. So what makes Youngman think that this bid will receive a stamp of approval?
Even if Youngman succeeds in purchasing Saab’s remaining assets, what exactly does it plan on doing with the folded automaker? Most signs are pointing to Saab moving toward alternative energy sources to attempt to spearhead that market early on with a recognizable name. That’s all well and good, but the intellectual rights of the 9-3 and 9-5 are owned by BAIC, which leaves the company the rights to just the 9-4X SUV.
This lack of vehicles to base new ones off of means that whoever wins this relatively low-budget bidding war will essentially be building the company from scratch. Fortunately for the winner, the “Saab” name is well known and was once a fairly popular brand.
We will continue following the Saab bidding war and keep you updated as more information becomes available.