Swedish Automobile, a.k.a. Saab owner, announced today that it has terminated a 245 million euro ($340 million) investment deal with China's Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. Apparently, the deal was terminated due to the fact that the Chinese companies wanted to buy Saab instead of following the original plan and invest money in the company.
Back in July, both Chinese companies signed a non-binding memorandum of understanding in July to take a combined 53.9 percent stake in Swedish Automobile.
For this stake, the companies had to pay 245 million euros, but it seems that things have changed since the non-binding memorandum and now the companies want to buy shares in Saab. As you may now already, the CEO of Swedish Automobile Victor Muller said on Friday that the Chinese offer was unacceptable as that would possibly mean the end of Saab.
Although Muller didn’t give us any numbers regarding the offer, the Dutch company announced on Sunday that the agreements with Pang Da and Youngman were terminated. "Pang Da and Youngman have presented Swan on Oct. 19 and 22 with certain conditional offers for an alternative transaction for the purchase of 100 percent of the shares in Saab Automobile, which are unacceptable to Swan," the company said in a statement.
Undeniably a Saab, the sophisticated and sleek Saab 9-5 Sedan ushers in the new era for the brand. It has a modern and confident design mixed with cutting-edge technology. The flagship will serve as a new alternative to the premium saloon segment as it becomes available in 2010.
With the Saab 9-5 Sedan, you get a sculpted and clean shape that echoes the purity of Scandinavian styling. It also gets a wraparound window design that echoes the brand’s aviation history. The new sedan also gets inspiration from the Saab Aero X Concept car and features a low stance. All in all, these give the Saab 9-5 an expressive and daring design philosophy.
You can enjoy a wide assortment of high-tech features: adaptive headlights, keyless entry, dual-zone climate and temperature control, an aircraft-based HUD, parking assistance, adaptive cruise control, and the Saab DriveSense adaptive chassis that features damping control. You also get the industry-leading Saab XWD with eLSD all wheel drive system.
The Saab 9-5 Sedan also has an impressive array of powertrains, the most offered by Saab. The powertrains adhere to the brand’s rightsizing engine strategy. You have highly efficient and powerful four cylinder turbo engines to work with. You can also choose from three different fuels: diesel, E85 bioethanol, and petrol. Using diesel, the new car only emits 139 g/km of carbon dioxide.
Saab Automobile's managing director Jonsson says that the car marks a new era for Saab, explaining that they have created a very distinct and advanced product that takes advantage of the brand’s heritage in several key areas such as athletic driving, Scandinavian design and responsible yet powerful performance. The new 9-5 Sedan delivers on these factors, and you can expect all future Saabs to do the same.