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Saab, GM Deny Reports About Possible Sale
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Posted by extraextrareadallaboutit (more from extraextrareadallaboutit) on Thu, 24 Feb 2005 05:50:40 Share Post by Email
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Saab, GM Deny Reports About Possible Sale

41 minutes ago Business - AP


By TOMMY GRANDELL, Associated Press Writer

STOCKHOLM, Sweden - Saab Automobile AB, which is owned by General Motors Corp., denied a newspaper report Thursday that said the carmaker was looking to sell the Saab brand, calling it one "of the coarsest speculations" it had heard.


AFP/Pressens Bild/File Photo

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Swedish financial newspaper Dagens Industri reported, citing unidentified sources, that Saab was being shopped around by its parent GM to possible buyers in China and France's Renault SA.


Saab's chief executive, Peter Augustsson, and a board member of GM Europe, denied the report.


"These are unreliable speculations. GM stands behind Saab all the way," he told Swedish public radio. "Saab is here today and manufactures good products. We will be here in the future and make even better products."


Saab spokesman Christer Nilsson called the report "one of the coarsest speculations we've heard and it goes in a completely wrong direction."


"The fact is that GM's management has expressed strong support for Saab as a brand and also attaches great importance to having Saab as part of its production portfolio," he said. "Saab is an important player in the premium segment and Saab is one of the few brands that GM is selling globally."


Saab's automobile division was sold to GM in 2000.


In Paris, Renault spokesman Andrew Boyle said the French car marker had no interest in acquiring Saab. "It's not something that we're interested in pursuing," he said.


Late last year GM said it would cut as many as 12,000 jobs in Europe, where the world's largest automaker is struggling to end years of losses amid fierce competition and weak demand.


GM has said that only one of its European plants should be used to produce midsize cars, a task currently divided between the Saab plant in Trollhaettan and an Opel plant in Ruesselsheim, Germany. A decision is expected by the end of March.


The Swedish government has agreed to make nearly 227.2 million euros ($300 million) in improvements to road and rail access to the Saab plant in Trollhaettan as part of an effort to persuade GM to keep the plant in its carmaking plans.


GM said 15 percent of management jobs in Europe would be eliminated as part of the program, which aims to produce cost savings of 500 million euros ($665 million) a year.


Shares of GM closed Wednesday at $36.76 on the New York Stock Exchange (news - web sites).


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