Rumors say that India’s Tata Motors placed a bid of $350 million to buy bankrupt Swedish car maker Saab Automobile, but the company declared the contrary.
Saab filed for bankruptcy in December 2011 after giving up on its scramble for a Chinese rescue after General Motors again said it would not sign off on needed technology transfers to new Chinese owners.
“Tata’s global acquisition team has been in negotiations with Saab and private equity players for a prospective acquisition by its Jaguar-Land Rover unit,” the Financial Express newspaper reported, quoting an unnamed source.
Yesterday at the Geneva Motor Show, Tata said that the company is not making a move on Saab and that it was all misinformation. Tata has already bought Jaguar and Land Rover from Ford in 2008 for $2.3 billion, and it has no interest in acquiring another car maker, but Ratan Tata did let slip that Mahindra has placed a bid for Saab.
Tata said clearly that it has no interest in making further acquisitions of car makers, so this only means that the $350 billion belongs to Mahindra, a bid that seems entirely in line with the reported bid from China’s Youngman.