Filed under: China, Europe, Saab, Earnings/Financials
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Despite shunning a previous takeover bid earlier this month, Swedish Automobile N.V. and Chinese automakers Youngman and [Pang Da](http://www.autoblog.com/tag/pang da) have signed a memorandum of understanding for the outright purchase of Saab and Saab Great Britain for just €100 million, or around $140 million USD. The deal is still subject to the approval of various authorities, including the Chinese government, but the deal is expected to go through. Guy Lofalk, an administrator in the reorganization of Saab, has officially withdrawn his application to withdraw from reorganization. Unfortunately, this doesn’t mean that Saab is completely out of the woods.
According to The New York Times, industry watchers suggest may take anywhere from $800 million to $1.5 billion to set the beleaguered automaker back on the path toward profitability, and it’s unclear whether Pang Da and Youngman have the desire and the ability to invest that sort of cash into the company. At this point, Saab hasn’t produced a single vehicle since spring of this year, and it remains unclear when - or even if - assembly will resume. Hit the jump for a press release on the deal.Continue reading Saab agrees to be sold to Pang Da, Youngman
Saab agrees to be sold to Pang Da, Youngman originally appeared on Autoblog on Fri, 28 Oct 2011 09:56:00 EST. Please see our terms for use of feeds.
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