Although few days ago Swedish Automobile a.k.a. Saab owner said that it terminated the investment deal with China’s Pang Da and Youngman, today we saw a surprising u-turn: Saab was sold to Pang Da and Youngman! That’s right, the two Chinese companies bought the Swedish brand for 100 million euros or $142 million.
According to the official statement, the final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman.
The whole situation is quite confusing, as last week, Saab said that North Street Capital or the company that recently bought Spyker sports car manufacturer, announced that it will invest $70 million in the troubled company. "There are rumors out this morning that say the deal is signed and so forth, but that is nothing that we can comment on yet,'' said Saab spokeswoman, Gunilla Gustavs.
According to Saab, the MOU is valid until November 15 of this year, but we believe that the Chinese companies will close the deal and Saab will finally be rescued, just like Geely did with Volvo.