Geely: no interest in buying Saab
Published on October 6, 2011 by Tycho de Feijter
Geely Automobile Holdings, a unit of Zhejiang Geely Holding Group Co., said Thursday it has no interest in acquiring Swedish car maker Saab Automobile in response to a newspaper report on the matter.
Swedish newspaper Dagens Nyheter reported early Thursday, citing an unnamed source, that China’s Zhejiang Geely, which owns Swedish car brand Volvo, has shown “genuine interest” in Saab AB (SAABF) and approached the lawyer in charge of Saab’s restructuring.
“We have no interest in acquiring Saab,” said Lawrence Ang, executive director of Hong Kong-listed Geely Automobile, without elaborating.
China’s Zhejiang Geely couldn’t immediately be reached for comment.
The report comes at a time when the carmaker’s Chinese partner Zhejiang Youngman Lotus Automobile Co. is reportedly late with 640 million Swedish kronor ($93.80 million) of promised payments to Saab, the newspaper said, citing a person with close insight into Saab’s restructuring.
A Swedish appeals court in September granted Saab Automobile, which is owned by Dutch company Swedish Automobile N.V. (SWAN.AE), three months of creditor protection while it restructures its operations.