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Re: GM and Saab
Posted by Larry West (more from Larry West) on Mon, 3 Jan 2000 21:59:20
In Reply to: , Kok Chen, Sat, 17 Dec 1988 12:00:00 

First there was Svenska Aeroplan AB. They made license-built copies 
of US planes for the Swedish AF. Later, they designed and built their 
own. After WW2, they branched out into automobiles. Sometime after 
that, Investor AB bought SAAB & later combined the automotive 
division with the Scania truck company that they owned. Thus was 
Saab-Scania born. The aircraft division was run separately.

All through this, it was pretty much separate divisions of one 
company, owned by the Wallenbergs of Sweden through their company 
Investor AB.

Late 80s roll around, and Saab cars are not selling well. Scania 
trucks, are, though. Investor starts looking for a buyer for the Saab 
car operation. Ford looks at it, but offers a deal that the 
Wallenbergs don't like, where they would have had to give full 
control over to Ford. GM eventually strikes a deal for 50% of the 
company, and the right to pick the chairman of the board (I think 
that's the position).

GM bought 50% of a new company called Saab Cars AB. Investor AB owns 
the other half.

Scania trucks became a separate company again, and the aircraft 
division was never part of the GM deal. GM ONLY owns 50% of the car 
operation.

In a short time, GM will have to pony up for at least part of the 50% 
that they do not own. I believe the date is Feb 1, 2000. Either GM 
has to agree to buy the remaining 50%, or Invcestor can force GM to 
buy a smaller percentage. Either way, GM will more than likely have a 
controlling interest in Saab Cars AB in a very short time.

This is all just off the top of my head. Some of the details may not 
be perfectly accurate, but the gist is correct.

Larry West
NJ Saab Owner's Club.

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