I’m still tracking the responses to Jerry York’s speech the other day. Forbes magazine has a brief piece quoting Dagens Industri, who interviewed Jan-Ake Jonsson, CEO of Saab Automobile AB. Jan-Ake is quoted as saying it would be "wholly wrong" for GM to consider the sale of Saab at this point.
But in an interview with DI, Jonsson said GM has continued to invest in product development at Saab, while Saab itself has slashed costs since 2002 and can be expected to return to profit this year. In such circumstances, Jonsson said it would be a mistake for GM to cut and run now.
You might be wondering why this is of such interest. Well, Kirk Kerkorian’s Tracinda Corporation doesn’t havea seat on GM’s board yet, but as one of the largest single shareholders, it could force a proxy battle and not only get it’s own seat on the board, but with the support of a few other large shareholders, Tracinda could load a few like-minded people onto the board. ‘Like-minded’ in this instance means "sell Saab".
If any of you brilliant Scandinavians can find the Dagens article online and provide a brief translation then I’ll babysit your kids.