Sino-Japanese investment group inks deal to buy Saab

Article by Anita Panait, on June 13, 2012

An investment group comprised of Japanese and Chinese companies has reached an agreement to acquire Saab Automobile, a source privy with the matter told Bloomberg News. The group is led by Sun Investment, a Japanese investment firm, and National Modern Energy Holdings Ltd., a Hong Kong-based builder of renewable-energy power plants.

 Saab's bankruptcy administrators Anne-Marie Pouteaux and Hans Bergqvist disclosed in a statement that the automaker has been sold and the buyer will be known at a press conference today. Saab has stopped producing vehicles since 2011 after an initial production stoppage in March 2011.

The company, which builds the 9-5 sedan and 9-4X crossover vehicle, was declared insolvent at the end of 2011, dangling SEK13 billion in debts, around SEK2.2 billion of which is owed to the Swedish Debt Office. The company, which has yet to post a profit in two decades, was acquired by General Motors in 2000 and then by Spyker NV in 2010.

The Saab administrators revealed early this year that around half a dozen parties expressed interest in acquiring the company. Zhejiang Youngman Lotus Automobile disclosed in February 2012 that it was holding talks with the administrators.

According to a person privy with the matter, Zhejiang Youngman offered SEK4 billion to acquire Saab.  The Sun Investment group, meanwhile, created a company called National Electric Vehicle Sweden AB with the sole purpose of acquiring Saab's assets.

Topics: saab

If you liked the article, share on:

Comments

Recommended

It’s not a bird. It’s not a plane. It’s Kris Singh’s blue carbon flying machine! Time stood still for a few minutes after the extremely rare Pagani Huayra BC Macchina...
by - May 24, 2017
If you’re selling some of the most expensive and most exclusive cars in the world, perhaps it would be a great idea to commission an ultra-rare work from the same...
by - May 24, 2017
Ford Motor Co. now has a new man on the top, and he goes by the name of Jim Hackett. Effective May 22, 2017, Hackett is named the new president...
by - May 24, 2017
Skoda recently launched the new Karoq compact SUV as a replacement model to its now-defunct Yeti small crossover. Slotted below the newly introduced Skoda Kodiaq, the new Karoq features a...
by - May 23, 2017
There are already rumors suggesting that the next generation BMW 5-Series GT is expected to be joining the 6-Series range. The latest reports instead tell us that that 3-Series GT...
by - May 23, 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