Mayer Brown leads on GM sale of Saab assets to Chinese company
Mayer Brown has taken the lead role for Beijing Automotive Industry Holding (BAIC) on the purchase of Saab assets and intellectual property rights from General Motors. The deal, valued at SEK1.4bn (£119m), could stave off bankruptcy for Swedish car maker Saab while GM continues to search for a buyer, following the failed takeover attempt by Swedish car maker Koenigsegg in the autumn.
December 17, 2009 at 07:26 AM
2 minute read
Mayer Brown has taken the lead role for Beijing Automotive Industry Holding (BAIC) on the purchase of Saab assets and intellectual property rights from General Motors.
The deal, valued at SEK1.4bn (£119m), could stave off bankruptcy for Swedish car maker Saab while GM continues to search for a buyer, following the failed takeover attempt by Swedish car maker Koenigsegg in the autumn.
Mayer Brown advised BAIC, flanked by Jun He Law Offices, which provided Chinese law advice, and Setterwalls, which advised on Swedish law. Setterwalls M&A head Anders Holmgren and technology, media and telecoms practice head Johan Hallen led the Swedish firm's team.
Meanwhile, Saab instructed the Stockholm office of Finnish firm Roschier, which fielded a team including Stockholm-based corporate partner Ola Aahman.
The deal comes amid reports that Dutch luxury car producer Spyker is the current front-runner for a possible purchase of Saab.
GM's high-profile bankruptcy and restructuring has handed mandates to a raft of law firms during 2009. Skadden Arps Slate Meagher & Flom took a role for Koenigsegg on its failed bid for Saab, while Swedish firms Lindahl and Hammarskioeld & Co advised Koenigsegg and GM respectively on local law.
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