Published on 28 Oct 2011 by Adriano
Historic Swedish carmaker Saab has been bought by Chinese companies Pang Da and Youngman for 100 million Euros. Swedish Automobile main man Victor Muller finally agreed to sell Saab Automobile and Saab Great Britain outright to his former Chinese partners, a move that basically saves the brand from immediate bankruptcy. In fact, as previously reported, Saab were due in court today to put their case in front of a Swedish Court after the administrator of their court protection applied for its end.
Pang Da and Youngman, two of China’s biggest name in the business, had first offered to purchase Saab a few weeks ago, claiming that their original partnership agreement signed in July to buy a share of Saab was no longer valid because of changed circumstances, but Swedish Automobile CEO Victor Muller refused the offer, deeming it as ‘unacceptable’. In hindsight, that might have been just a strategic skirmish.
However, the deal still needs the go-ahead from the Chinese government - which is expected to provide a definitive answer by the 15th of November - and Swedish Automobile’s own shareholders.