Volvo Bids to Buy Saab Assets

Volvo Bids to Buy Saab Assets

Swedish automaker Saab is attracting more interest dead than alive. The officially bankrupt automaker is in the process of liquidating its assets and former rivals are lining up to buy a piece of the much-talked-about but little-bought maker of quirky cars.

Recent reports indicated that German automaker BMW was interested in purchasing Saab, but we now have confirmation of another bid. This latest offer comes from Saab’s Swedish rival Volvo, which is now owned by China’s Zhejiang Geely Holdings Group Co.

Other interested parties include China’s Zhejiang Youngman Lotus Automobile Co., Turkish private investment firm Brightwell Holdings and Indian truck maker Mahindra & Mahindra Ltd.

Those in charge of liquidating Saab have commented that the ideal solution would be to sell off the company’s manufacturing facilities as a whole, keeping in mind the best interests of the creditors, employees and the city of Trollhattan. Sale to a tier one automaker like BMW would certainly fulfill those qualifications, although sale to an automaker like Volvo with a heritage and interest in Sweden could out-weigh that.

[Source: MarketWatch]