BAIC and Panasonic to Bid for Saab image

Beijing Automotive Investment BAIC is keen on buying up what remains of Saab possibly in a joint deal with Panasonic, to produce electric cars, reported on Monday.

”Yes, we are considering it, but it’s also a rather complicated business,” Mao Hai, vice president of Beijing Automotive Investment BAIC said.

Saab, which has shut down production, is already entertaining a bid from Chinese company Youngman reportedly worth between $327 million and $475 million.
The bid for whole of the Trollhattan operation was made at the beginning of last week, according to Reuters’ source, but the receivers are said not to be enthusiastic.

Last week, Sweden’s Debt Office said it had paid back loans the European Investment Bank had made to Saab, simplifying the approvals process for any buyer.

Saab filed for bankruptcy on December 19. It was already on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) — at the time called Spyker — for $400 million.