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publication date: Jan 24, 2012
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author/source: Robin Roberts
The court-appointed administrators for bankrupt Saab Automobile AG are holding discussions with several potential bidders interested in buying all or part of the company.
The administrators, who say their goal is to sell the company intact, tell reporters they hope to determine in two or three weeks which of the unidentified prospective buyers are serious. Turkish private equity firm Brightwell Holdings said last week it plans to submit an offer in about two weeks. India's Mahindra & Mahindra Ltd. also is interested in Saab, according to Dagens Industri. The IAM is renewing its call on the government to make driving on rural A-roads a mandatory part of the driving test. IAM research shows that 82 per cent of rural fatal and serious casualties are on single carriageway roads compared with just 18 per cent on motorways and dual carriageway roads. However the current driving test fails to take this into account. The outlook for 2012 is uncertain, particularly in Europe, but the performance of the UK auto sector in 2011 suggests that it is well placed to achieve a measure of growth in the year ahead, given a good range of products, a wide portfolio of customers and a competitive cost base, says the Department for Business Innovation and Skills. Through the recession, productivity in the transport equipment sector was severely dented, as demand fell away rapidly whilst employment was maintained. In just a year, transport sector productivity fell 17%. This was generally repeated at a more modest level across the economy, with manufacturing productivity down 6% and services down 4%. Volkswagen AG is likely to buy the 51.1% of sports car maker Porsche AG it doesn't already own for €3.9 billion euros this year, Der Spiegel reports, citing unidentified VW managers. VW acquired 49.9% of the unit from owner Porsche Automobil Holding SE in December 2009. But buying the balance before 2014 could trigger a €1 billion tax bill. Spiegel says VW could avoid the tax by creating a holding company to control the sports car maker until 2014. |
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