As the year went on, Swedish car maker Koenigsegg seemed to be the most likely bidder, and the other interested parties bowed out. However, delays in closing led to Koenigsegg’s announcement on Nov. 24 that the deal was dead.
Now Merbanco is suddenly back in the game. According to the New York Times, CEO Chris Johnston was on Swedish Radio Monday saying his company was “very interested in Saab.”
Johnston added, “We are very skilled in turnaround, we understand manufacturing and distribution, and I have personally owned Saabs for the better part of 20 years.”
Johnston, when reached by the Wyoming Business Report, said there wasn’t anything to discuss yet, but promised to provide details if the deal goes through.
The deal will be a complex one, as the Swedish government (which has made it clear that it does not wish to own a car company, nor does it wish to subsidize the largest car company in the world), the European Union and the European Investment Bank would all need to have a say in it.
On a Web site for Saab fans, www.saabsunited.com, speculation was rife ranging from fears that Merbanco, “a merchant bank from a tax haven state could be a recipe for strip and flip” to the more steady view that Merbanco would be a good fit “that just about anyone can support” because of their long-term outlook, global experience and emphasis on management support.
The scramble is set to accelerate this week, as GM’s board of directors meet on Dec. 1 to determine the company’s future.
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