Saab: Reports Of A New Owner? Youngman Back With Stronger Bid

The uncertainty surrounding Saab's future has entered yet another new chapter. Reports from earlier this week that administrators had found new owners for the brand, have now been refuted.

But Saab's recent history would suggest that where there’s smoke, there’s fire.

Swedish newspaper TTELA reported that Saab administrators had approved the sale of what’s left of the once-carmaker, with the new owners believed to be known as National Electric Vehicle Sweden AB (NEVS).

NEVS is a consortium consisting of a Hong Kong-based alternative energy firm and a Japanese investment fund.

The report quoted Trollhättan mayor Annika Wennerblomas suggesting that Saab administrators had completed their work and a new owner had been found.

However, Trollhättan city council has subsequently issued a statement refuting the TTELA report, stating that no council member has certain knowledge of a Saab ownership change at this point, citing misinformation brought on by internal ‘chinese whispers’.

NEVS will only reportedly confirm that it lodged a bid for Saab before the administrators’ April 7 deadline, and that an official announcement will be made at the end of the month.

Previous reports had also suggested that China's Youngman had dropped out of the running over concerns that the company could struggle to gain Chinese government approval. 

But Youngman has this week returned with a new bid, with spokesperson Johan Nylen quoted by business paper Svenska Dagbladet that a $700 million bid has been submitted.

"Our revised bid includes all parts of Saab's bankruptcy estate, including the spare parts unit," the paper quoted Johan Nylen, Youngman's representative saying.

"Youngman is pretty convinced it has put in the highest bid and, given that we have shown that we have access to the money, Youngman should be in a good position."

Some expect an announcement to be imminent. For now, Saab's administrators have confirmed only that a decision will be made by the middle of the year.

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