November 15, 2011 by Tycho de Feijter
Swedish car maker Saab Automobile AB said Tuesday that takeover talks between its owner Swedish Automobile NV and two Chinese investors will continue despite the fact that a memorandum of understanding signed by the parties only runs until November 15.
“All parties have agreed to continue the discussions, but they won’t officially sign a new agreement,” said Gunilla Gustavs, spokeswoman at Saab Automobile.
November 10, 2011 by Tycho de Feijter
China’s Zhejiang Youngman Lotus Automobile Co said it still wanted to invest in ailing car maker Saab after General Motors said on Monday it would stop supplying components and technology if Pang Da Automobile and Youngman succeeded with their acquisition bid.
November 8, 2011 by Tycho de Feijter
The owner of Saab cars are scrambling to save a rescue deal for the Swedish car brand after General Motors said it would stop supplying components and technology if two Chinese companies succeeded with their acquisition bid.
November 6, 2011 by Tycho de Feijter
General Motors Co said on Friday that it would be difficult to support a sale of Saab if the transaction hurt its existing tie-ups in China or its competitive position in other markets.
China’s Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile have struck a deal to buy Saab from its current Dutch owner, Swedish Automobile, in what amounts to a rescue plan for the Swedish auto brand formerly owned by GM.
November 4, 2011 by Tycho de Feijter
Shareholders and securities analysts are scratching their heads over how a top automobile marketing group in China managed to “burn” a huge fund of 6 billion yuan (US$944 million) in just six months. Many have speculated that Pang Da Automobile Trade Co has shifted to financial leasing services to cope with stalling car sales caused by the government’s credit-tightening regulations.
November 2, 2011 by Joey Wang
Chinese groups Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co will pump more than half a billion euros ($709 million) into Swedish carmaker Saab, aiming to return the struggling carmaker to profit by 2014.
October 29, 2011 by Tycho de Feijter
STOCKHOLM—Swedish Automobile NV, the owner of Saab Automobile, said Friday it agreed to sell the stricken car maker to Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. for €100 million ($141.9 million), conceding defeat in a two-year struggle to turn the company around after decades of losses.
October 24, 2011 by Tycho de Feijter
Swedish Automobile NV said it has given notice to terminate an agreement to sell a majority stake in Saab Automobile to two Chinese companies and rejected their offers to buy all of the European carmaker.
October 14, 2011 by Joey Wang
Swedish Automobile NV , owner of Saab Automobile AB, said Thursday it has received the first payment of EUR 11 million of a EUR70 million bridging loan from its Chinese partner Zhejiang Youngman Lotus Automobile Co., throwing a financial lifeline to the troubled car maker which is restructuring its operations under bankruptcy protection.
“We are now confident we have the money we need during the restructuring period,” said Gunilla Gustavs, spokeswoman at Saab Automobile.
September 17, 2011 by Tycho de Feijter
Chinese car distributor Pangda plans to raise up to 3.8 billion yuan ($594 million) by issuing bonds, it said on Sept 16. The proceeds will be used to repay bank loans and to replenish its cash flow, it said in an exchange statement.
The plan is subject to regulatory approval, it said. In May, Pangda entered into an agreement worth 110 million euros ($152 million) with the owner of troubled Swedish carmaker Saab.