20 January 2012

Turkish private equity firm plans Saab bid

Following on from yesterday's reveal that the Chinese are planning to bid again for Swedish carmaker Saab, it now appears a Turkish private equity firm also plans to bid for the bankrupt carmaker and revive its manufacturing.

Brightwell Holdings, which invests in energy, transport and technology, wants to buy all of Saab and plans to keep production in Sweden. The firm are in discussions with the administrators overseeing Sabb's bankruptcy as well as with the Saab CEO Victor Muller.

As reported, the Chinese group Zhejiang Youngman Lotus Automobile may also make a bid for Saab next week.

An earlier attempt by Youngman to rescue Saab collapsed because of objections from General Motors Co. Much of the technology in Saab's cars is licensed from GM, which sold Saab in 2010. Saab, owned by Netherlands-based Swedish Automobile, filed for bankruptcy in December after running out of cash. Any transaction will need approval from GM, as well as the Swedish government and the European Investment Bank.

The OHM Group holds the Saab franchise in Ireland.