http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=819
GM has announced they have signed a stock purchase agreement with Koenigsegg Group AB, for 100% of Saab Automobile AB.
The agreement is contingent on several pre-negotiated conditions, including Swedish government support (funding) and transitional assistance from GM. GM and Saab will also continue to share technology, under a variety of license and service agreements, for "a defined time period."
According to GM's European President, Carl-Peter Forster, "This contract is an important step in the journey to a potential deal." He added that, "Saab's great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group's unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand. We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months. The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government."
Christian von Koenigsegg echoed Forster's comments by saying, "We have now concluded another important step in realizing the great potential of Saab. Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it ‘sustainable' by making it profitable. We will revive Saab's Swedish heritage of ecological sensitivity, safety, design innovation and ‘fun to drive' experience!"
Jan Åke Jonssson, Managing Director of Saab, said: "This is excellent news for everyone connected to Saab around the globe. This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X."
With Saab scheduled to exit reorganization shortly, both companies expect the deal to be completed by the end of the year.
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SEAT Leon CUPRA R revealed
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=820
SEAT has announced it will be introducing the new León CUPRA R at the Frankfurt motor show next month and the model will be the most powerful León available Europe-wide.
The León CUPRA R will come with VW Group's 2.0 liter TSI engine juiced up to a comfy 195kW. That number is achieved partly through the use of a new high-pressure fuel injector and SEAT promises the model will still meeting EU5 emission norms. The only León models available that top that are the very limited León Cupra 310 Limited Edition with 225kW sold exclusively in the Netherlands, and the German market-only Leon Cupra Edition with 207kW. The standard Leon Cupra comes with the 2.0 liter TSI dialed to 177kW.
The León CUPRA R will also feature SEAT's XDS system, a self-locking differential that works with the ESP system to improve traction. Seat promises the León CUPRA R will deliver an "easy torque transmission and elasticity" while clocking in its 0 to 100 km/h sprint at 6.2 seconds and maxing out speed at 250 km/h (probably electronically limited, although SEAT does not say).
Consumption is a reasonable 8.1 liters/100 km, considering all the dust-making capabilities of a 195kW hot-hatch.
19-inch wheels with five double-spokes wrapped in 235/35 tires and a new set superior brakes have been added to compliment and match the performance being generated from under the hood.
On the inside are the bucket sport seats upholstered in gray Alcantara as well as white LED lights on the instrument panel to give the Cupra R a proper touch of sportiveness.
Pricing info and a release date have not yet been made available.
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Chrysler creditors sue Daimler
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=821
Chrysler LLC's creditors have filed a lawsuit against Daimler AG charging that the German automaker unlawfully stripped billions of dollars in assets from the US carmaker before selling it to a private equity firm.
In the suit, filed Monday, the creditors claim that in the months leading up to the 2007 sale of most of Chrysler to Cerberus Capital Management LP, Daimler undertook a restructuring of Chrysler that removed key parts of the company for little or nothing in return.
"This restructuring and sale served Daimler's interests well, enabling it to extract the best possible terms in its sale of the debtor, while eliminating billions of dollars of actual and contingent pension and other liabilities," the creditors said in their lawsuit. "But the transaction caused the debtor (and its creditors) to suffer grievous harm."
Julia Engelhardt, a spokeswoman for Daimler, Tuesday said the automaker is confident that the lawsuit's accusations are without merit and will defend itself against them.
Cerberus, then Fiat
Specifically, the creditors say Daimler split off Chrysler's US and Canadian financing units in order to get a better sale price from Cerberus.
As a result of the split, the assets of the financing units were not subject to Chrysler creditors' claims when the automaker filed for bankruptcy protection on April 30.
Under a deal backed by the US government, the bulk of Chrysler's assets were acquired by a group led by Italy's Fiat Group SpA and emerged from bankruptcy protection as a new company about 42 days later.
Chrysler's secured lenders received $2 billion for their $6.9 billion in debt, while most of the company's unsecured creditors have been forced to seek compensation from the assets left over from the sale - known as "Old Chrysler." It's doubtful that there will be enough left to pay their claims.
The lawsuit was filed with the New York bankruptcy court overseeing the liquidation of the pieces of Chrysler not included in the sale to Fiat. It seeks damages to be determined through a trial plus interest and certain legal fees.
'New Chrysler' not involved
Chrysler Group LLC, the new company created by the sale to the Fiat-led group, is not involved in the lawsuit.
Daimler has recorded billions in losses related to Chrysler since selling off most of its stake to Cerberus. That firm's acquisition of 80.1% of Chrysler dissolved a stormy "merger of equals" made in 1998 between Daimler-Benz and Chrysler Corp. But in November 2008, Cerberus accused Daimler of intentionally misleading it before it sold the controlling stake to the private equity firm in a $7.4 billion deal.
In April of this year, Daimler reached a deal to divest its remaining 19.9% stake in Chrysler LLC.
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