India’s Tata Motors places bid for Saab
MUMBAI - Agence France-Presse
Tata Group Chairman Ratan Tata (C) and his successor Cyrus Mistry (L) pose with a Tata Safari Storme car. Tata is now interested in buying bankrupt Saab, a paper claims.India’s Tata Motors has placed a $350 million bid to buy bankrupt Swedish car maker Saab Automobile, a newspaper report said yesterday, citing people it said were aware of the matter.
“Tata’s global acquisition team has been in negotiations with Saab and private equity players for a prospective acquisition by its Jaguar-Land Rover unit,” the Financial Express newspaper reported, quoting an unnamed source.
Tata Motors’ spokesman declined to comment when contacted by Agence-France-Presse.
Last month, Saab officials said that at least four companies had placed preliminary bids for a buy-out -- most of them from outside Sweden.
Saab, owned by Dutch company Swedish Automobile, filed for bankruptcy in December after numerous failed deals to keep it afloat.
All of Saab’s assets would be for sale, the company has said.
Tata Motors, which also makes the world’s cheapest car, the Nano, bought British luxury brands Jaguar and Land Rover from U.S. Ford Motor in 2008 for $2.3 billion as part of its plans to expand beyond Asia.
Tata Motors is likely to face competition from China’s Youngman, which has been keen to buy Saab and is reported to have made a preliminary bid of about $300 million.
Indian auto and farm equipment maker Mahindra and Mahindra is also reported to have placed a bid for Saab.
Nissan to invest $200 million
LONDON – Reuters
Japanese carmaker Nissan Motor is to invest $200 million to build its new Invitation compact vehicle from mid-2013 in Sunderland, northeast England, where its workforce will rise by 600 to 6,000. Japan’s No.2 automaker said yesterday the move, which will be supported by a $15 million loan from Britain, will create a total of 2,000 jobs at Nissan and its suppliers.
Production of the Invitation is due to start at an initial rate of 100,000 a year. More details will be given at a presentation at the Geneva motor show, to be attended by Britain’s business secretary, Vince Cable.