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Saab's owner Swedish Automobile NV (Swan) has reached a deal to sell Saab to Chinese investors

Saab's owner Swedish Automobile NV (Swan) has agreed a deal to sell the Swedish car firm to Chinese investors Pang Da and Youngman.

Pang Da and Youngman have signed a memorandum of understanding with Swan to buy 100 per cent of Saab Automobile and Saab Great Britain for 100 million euros.

The deal needs the approval of Chinese authorities and Swan's shareholders, and the precise terms of the share purchase agreement still have to be thrashed out. The 100 million euros will be paid in instalments.

In a statement, Swan said "an important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long-term funding to Saab Automobile".

The administrator in Saab Automobile’s voluntary reorganisation, Guy Lofalk, has withdrawn his application to exit reorganisation.

The memorandum of understanding is valid until November 15, but is dependent on Saab Automobile staying in reorganisation.

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