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Home > Latest News > Ownership of Saab Parts AB

Ownership of Saab Parts AB

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On 5th December 2012, the Swedish National Debt Office announced that it has taken over ownership of Saab Automobile Parts AB. The text of their press release is as follows:

The National Debt Office has decided to take ownership of Saab Automobile Parts AB. The company has since the bankruptcy of Saab Automobile AB, been owned by the bankruptcy estate. The takeover is done by assumption of a pledge of all the shares in the company and will take a few weeks to complete.

“Saab Parts is an independent and solid company that currently provides genuine spare parts for Saab passenger cars. The Swedish Government will be a stable owner aiming to develop the company further”, says the Director General Bo Lundgren.

The National Debt Office has requested the Swedish Government to transfer the shares to the Ministry of Finance and the state ownership division. Proceeds from a sale of the company and dividend income will accrue to the guarantee reserve of the Debt Office in accordance with the Finance Act (2011:203) and Regulation (2011:211) on loans and guarantees.

In February 2010 the National Debt Office issued guarantees to Saab Automobile AB for a loan by the European Investment Bank. After the bankruptcy in December 2011 the National Debt Office became the largest creditor in the bankruptcy estate. As security for our claim, we have had pledges of shares in the parts company Saab Automobile Parts AB and the tool company Saab Automobile Tools AB.

This announcement means that Saab Automobile Parts AB now has a stable and long-term owner that intends to continue to develop the company. The state is Sweden's largest corporate owner, with 57 wholly or partly owned companies, of which three are publicly listed on the Stockholm stock exchange. The companies represent a considerable market value, and the state has a responsibility to be an active and professional owner. There is a Government Parliamentary mandate to actively manage state owned companies so that their long-term value is optimised. There are many examples of state owned companies in Sweden, including Vattenfall (energy), Nordea Bank (banking), LKAB (mining) and others.

 

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