Saab could still seal investment if Chinese authorities approve it

Article by Christian A., on September 23, 2011

Chinese car distributor Pangda’s lawyer believes that the 245 million euro investment of Saab’s Chinese partners, Youngman and Pangda, may still be sealed this year if Chinese authorities approve it. Saab’s production was halted in April when the company wasn’t able to pay suppliers.

Saab is relying on Chinese authorities to approve the investment by Zhejiang Youngman Lotus Automobile Co and Pangda. Saab, which is owned by Swedish Automobile, predicts that China will give its approval this November.

The automaker is implementing a cost-cutting plan for its survival after the court granted it temporary protection from creditors, says Autonews. Pangda's lawyer Peter Goes at law firm Linklaters said that even with Saab’s problems, Pangda remains enthusiastic about the deal and wants production to resume right away. He added that his client is mainly interested on bringing the cars to China.

Goes added if the approval comes, the investment in Saab could be made fairly quickly as soon as some technical details are accomplished, including revising Saab's articles of association and maybe issuing a prospectus.

He also said that an EGM is needed if shares will be issued to Youngman and Pangda. But Goes said that this is merely a formality and that the deal may be closed before the year ends.

Topics: saab, investment

If you liked the article, share on:

Comments

Recommended

In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Toyota Motor Corporation disclosed that it will be bringing two of its Mirai fuel cell vehicles to China by October of this year. Tests will then be conducted on these...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries