Dongfeng Motor plans to acquire remaining Saab assets in April 2012

Article by Christian A., on January 7, 2012

China-owned Dongfeng Motor Corp. intends to purchase the remaining assets of Saab after the Swedish vehicle manufacturer is liquidated in April, according to a report by the Beijing Times, which cited an unnamed Dongfeng source. The assets, which include Saab's assembly plant, will help Dongfeng improve its technology as the Chinese automaker aims to manufacture passenger automobiles in its own brand.

In addition, one of the two Chinese companies that attempted to acquire Saab last summer may propose a new bid for its assets. According to the Beijing Times, Zhejiang Youngman Lotus Automobile Co. wants to purchase more Saab assets. Zhejiang Youngman has purchased Saab's Phoenix architecture for 80 million euros or 654 million yuan.

The newspaper also reported that an unnamed Turkish company wants to obtain Saab's assets, too. India's Mahindra & Mahindra Ltd., which is the largest SUV maker in the nation, may make a bid to take Saab's assets, according to Bloomberg News, which cited anonymous company sources.

On Dec. 19, a court in Sweden declared Saab bankrupt after General Motors Co. blocked a Youngman and Chinese auto distributor Pang Da Automobile Trade Co.'s bid to control the automaker. GM, which is the former parent company of Saab, still has preferential shares in the Swedish automaker. It also supplies key components for Saab automobiles. [source: Autonews]

Topics: saab

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