Latest Car News in India

Tuesday, February 07, 2012

By Pawan Rana

Mahindra & Mahindra all set to buy the bankrupt Saab

The Swedish automaker, Saab has announced its bankruptcy in previous year and now opens for the bidding. The five automakers have showed the keen interest to buy the bankrupt Saab including the country’s giant automaker ‘Mahindra & Mahindra’. Rumours said that the M&M has made a confidential deal and all set to finalize it with the bankrupt Saab.

During answering the media questions, the liquidator of Swedish carmaker Saab, Hans Berggvist has admitted that the presently company is in discussion with four-five bidders who seems keen to buy the company but, enable to make any official comments over it. As per a report, with an intention to keep continue the discussion the delegate team of the M&M has visited to the Saab manufacturing plants in South-western city in Trollhaettan.

It is expected that in next 15days company will finalize this deal along with its banker, Kodak Mahindra & Satyam. The President of M&M (auto & farm equipment sector), Pawan Goneka has denied to accept that the company with its M&A (Mergers & Acquisitions) team is planning for a meeting to confirm the all bidding procedures.

While, pursuing for this deal the Swedish bankrupt automaker is facing a big trouble with its former owner General Motors (GM) that has refused to give the intellectual property rights (IPRs) to any bidder or partner, especially for its 9-4x and 9-5x models. Earlier, the company has got failed to conclude the deal with the Chinese carmaker Zhejiang Youndman Lotus Automobile, even after the revision of the offer by $446 million.

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