GM blocks Chinese investors’ efforts to save Saab
December 21, 2011 Category Automotive, Automotive Metals & Minerals
Saab Automobile filed for bankruptcy, giving up a desperate struggle to stay in business after previous owner General Motors blocked takeover attempts by Chinese investors. Saab CEO Victor Muller personally handed in the bankruptcy application to a court in Sweden, ending his two-year effort to revive the carmaker. The Dutch entrepreneur told reporters he had to pull the plug after GM, which still owns some technology licenses for Saab, rejected a take-over and financing by two Chinese companies. GM was concerned its technology would end up with Chinese competitors. The final Chinese suitor, Zhejiang Youngman Lotus Automobile Co, said it pulled out after the last proposal for a solution was rejected by GM over the weekend. Muller blamed the former administrator of Saab’s reconstruction, Guy Lofalk, for the collapse of the talks, saying he had led the Chinese investors to believe they could become sole owners of the firm. Muller said he knew that was impossible given GM’s concerns about licenses. “Until this problem arose the relationship with GM was excellent,” Muller said.
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