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December 14, 2009

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Home » Business » Auto

Saab sure entire firm can be sold

SAAB can still find a buyer for the whole firm, a spokesman for the loss-making auto maker said yesterday after The Wall Street Journal reported China's BAIC had agreed with General Motors to buy some of the Swedish company's assets.

Saab, one of Sweden's best known brands, has been hoping an 11th-hour savior would turn up after parent GM said in late November it would wind down the firm if a buyer did not appear before the end of this month.

Saab spokesman Eric Geers said he was confident that a buyer for Saab Automobile would be found.

"We can't comment on anything about the sales process," he told Reuters.

The Wall Street Journal reported yesterday that Beijing Automotive Industry Holding Co has reached a tentative deal to acquire certain Saab assets.

Citing a source with direct knowledge of the deal, WSJ said on its Website that the deal included production equipment and intellectual property for Saab's 9-3 and 9-5 models.

BAIC, which has made clear it has no interest in acquiring Saab's production hub in Trollhattan, Sweden, could not immediately be reached for comment.

The global auto industry, which is already suffering from massive overcapacity, has been among the hardest hit sectors during the recent economic downturn.


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