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IN - TATA Motors places bid for Saab

Agence France-Presse reported that TATA Motors has placed a USD 350 million bid to buy bankrupt Swedish car maker Saab Automobile.

The Financial Express newspaper, quoting an unnamed source, reported that “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.”

TATA Motors’ spokesman declined to comment when contacted by Agence-France-Presse.

Saab, owned by Dutch company Swedish Automobile, filed for bankruptcy in December after numerous failed deals to keep it afloat. Last month, Saab officials said that at least four companies had placed preliminary bids for a buyout most of them from outside Sweden. All of Saab’s assets would be for sale, the company has said.

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 USD 300 million.

Sourced from: Agence France-Presse

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