Wolfsburg, Germany (AHN) – Volkswagen on Monday postponed its appointment of executives to truckmaker MAN’s supervisory board following advise from the European Union.

The Wolfsburg-based company said it is in “constructive discussions” with the EU Commission after the panel said the appointments should be made after anti-trust clearance of the merger with MAN.

VW held off nominating chief executive Martin Winterkorn, chief financial officer Hans Dieter Poetsch, and the automaker’s chief for commercial vehicles, Jochem Heizmann, to MAN’s supervisory board.

Instead, the company named executives Ulf Berkenhagen and Thomas Kremer, who are current members of the board, consistent with VW’s 29.9 percent share in MAN. A third executive, Matthias Bruse, was also appointed as placeholder.

VW said it will “continue to prepare the merger control application in close cooperation with the authority.” The company, which originally planned its mandatory offer to MAN to be completed by June 29, added that it is “confident [it will] be able to submit the formal application in the coming weeks.”

MAN chief executive Georg Pachta-Reyhofen said the same day during his company’s annual general meeting in Munich that the board “remains convinced that closer cooperation between MAN, Scania and Volkswagen will still enable substantial synergies in purchasing, development and production to be leveraged.”

VW made a mandatory offer to MAN shareholders last month as required under German law, following its decision to raise its stake of ordinary shares of MAN from 29.9 percent to 30.47 percent, or past the 30 percent threshold.

VW offered 95 euros (US$136.73) for each ordinary share and about 60 euros for each preference share, both bids lower than the closing price the week before the mandatory offer was made.

Europe’s largest car manufacturer, VW wants to merge MAN with its heavy trucks unit and with Swedish truck manufacturer Scania to establish the biggest commercial vehicle manufacturer in the continent.

The company, which owns Audi, Bentley and Lamborghini, and is in the process of acquiring Porsche, holds a 71.8 percent stake in Scania.

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Zeewolde, Netherlands (AHN) – An investment from a Chinese firm that would have provided a lifeline to Saab has collapsed, prolonging a production halt and leaving the future of the ailing Swedish automaker uncertain.

The company’s Dutch owner, Spyker Cars, said Thursday that an agreement with Hawtai Motor Group had been terminated because the Beijing-based automaker was unable to secure the approval of shareholders. It is continuing its search for funding and “negotiating equity and debt financing and/or technology licensing with various (strategic) Chinese partners.”

Spyker said it is in discussions with Hawtai on a non-exclusive partnership in the areas of manufacturing, technology and distribution in China.

The little-known Chinese company said in a statement, “The current situation is complex and it was not possible to reach agreed documentation in the timeframe contemplated by the agreement. Hawtai remains in discussions with Spyker to reach an agreement which is mutually beneficial to all parties.”

Hawtai was planning to invest 120 million euros ($222 million) for a 30 percent equity stake in Spyker. It also sought to provide 30 million euros under a convertible loan agreement with an annual interest rate of 7 percent and a six-month maturity.

The funds would have allowed Spyker to resume production at its factory in Sweden, where assembly lines stopped last month after suppliers halted deliveries due to unpaid bills.

Spyker, which bought Saab from General Motors last year, said it plans to restart production after it has secured funding from other sources. But it qualified this assurance by saying resumption would “depend on the outcome of discussions with its suppliers on terms to resume supplies of materials.”

Spyker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

Russian banker Vladimir Antonov, a former Spyker chairman who acquired the automaker’s luxury brand unit in February, is said to have asked for Swedish authorities approval to buy Saab real estate in Trollhattan.

The automaker has also entered into a 30 million euro convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It is continuing discussions with the European Investment Bank on a 29.1 million euro drawdown request.

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Trollhattan, Sweden (AHN) – Saab owner Spyker Cars on Tuesday announced that it had secured an investment from a little known Chinese company, allowing it to resume production at its Saab plant.

The Dutch automaker will receive euros 120 million ($222 million) from the Hawtai Motor Group in return for a 30 percent equity stake in

Spyker. It will also get euros 30 million under a convertible loan agreement with an annual interest rate of 7 percent and a six month maturity.

The transaction, which still needs the approval of the Chinese and European regulators, adds to the other short-term funding Spyker obtained from other sources. The automaker entered into another euros 30 million convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It plans to make a euros 29.1 million drawdown request to the European Investment Bank.

Spyker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

The loans and medium-term financing from Hawtai will let Spyker restart production at its factory in Sweden, where assembly lines were stopped last month after suppliers stopped deliveries due to unpaid bills. In addition, the investment from Beijing-based Hawtai gives Spyker access to the Chinese market.

“We expect that Saab’s unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market,” Victor Muller, chief executive of Spyker and chair of Saab, said in a statement.

Saab Automobile was a unit of Swedish aircraft maker Saab before it was owned by General Motors, which sold the brand to Spyker last year.

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Many business grants are however limited to small or medium sized enterprises, for example, if a business has fewer than 250 employees. These grants can be approved based on situations such as specific geographical areas, i.e. those in need of economic regeneration or in other cases they can be granted due to factors such as your business activity or your business sector.

England, Wales and Scotland each have their own range of grants available. The amount of money put aside for these business grants can also vary. For example an area with social deprivation or high unemployment may have more money available for grants than others.

Grants however may be and most generally are subject to restrictions in certain sectors, these restrictions are defined by the European Commission. All applications will be closely inspected by the European Commission. It should also be noted that grant bodies prefer to see specific targets and results, which are often compatible with their own objectives.

Additionally, you should ensure:

You are ready to put up some of your own money

You need the money for a specific purpose

You haven’t already started the project before you get an agreement in principle of funding

Grants are normally awarded for specific purposes such as the purchasing of machinery, improving offices and increasing employment as well as developing export markets. Whilst deciding whether or not to award you with a grant the awarding body will expect a high level of commitment from you and your business.

Applying for a business grant is highly competitive meaning you have to really prove why your business idea. If you are turned down for a business grant you shouldn’t take it as too much of a disappointment in the respect that you should take on board the reasons why you were turned down. Some of the main reasons as to why business grants are turned down include:

Your work isn’t relevant to the body who is awarding the grant

Statements made are not backed up by facts

Research plan is unfocused

You are unable to prove you can match your funds

Your need for a business grant isn’t proven

Information in your application is not up-to-date

These are merely just a few reasons as to why your application for a business grant might be turned down. To give your business the best possible chance at securing a business grant you need to ensure that you provide the following to the organisation that is awarding your grant:

A detailed and descriptive project of the reason you wish to apply for a business grant

Explain the potential benefits of your proposed project

A detailed plan that contains information about the total cost of your proposed project

Details of your own experience and that of any other key managers

Completed application forms where stipulated

A possible business plan

You need to have every aspect of your business detailed and documented before you continue and apply for your business grant.

Author: Helen Cox
Article Source: EzineArticles.com
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