Potential Chinese investor says rescue deal is no longer valid - but Saab claims a misunderstanding
12 October 2011

Saab has claimed reports that a potential rescue deal has collapsed and plunged the company into a deeper financial crisis are "based on a misunderstanding."

Earlier today Autocar learned that Saab seemed certain to go into bankruptcy after one of its potential investors, Pang Da, announced that it would no longer go through with its rescue deal.

Speaking at the Global Automotive Forum in Chengdu, China, the chairman of Pang Da, which had planned to jointly invest £210 million into Saab with Zhejiang Youngman Lotus Automobile, told the Reuters news agency that the offer was no longer valid.

Pang Qinghua, Pang Da's chairman, said he had been forced to withdraw the investment offer to Saab after it entered bankruptcy protection last month. He also claimed that, as a result, the Chinese goverment had not been approached about ratifying any potential deal.

But Saab's owner, Swedish Automobile N.V. issued the following statement on the matter: "Swedish Automobile N.V. (Swan) and Pang Da have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB and Pang Da after Saab Automobile entered into voluntary reorganisation. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."

The latest developments follow the revelation yesterday that the Chinese government was unlikely to ratify any investment or takeover of Saab as the sale does not include the acquisition of any new intellectual property rights.

Click to read Saab rescue deal 'to be blocked'

Former Saab owner GM already has a deal to transfer Saab's Epsilon production line and tooling to its Chinese partner firm SAIC.

Jim Holder

 

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