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Swedish Automobile

Saab cancels agreement with Chinese investors

Updated måndag 24 oktober 2011 kl 19.25
Published måndag 24 oktober 2011 kl 10.50
Saab's factory in Trollhättan. Photo: Björn Larsson Rosvall/Scanpix

Negotiations are continuing between the owner of the Swedish carmaker Saab, Swedish Automobile, and the Chinese companies Youngman and Pang Da, even though the contract the parties signed in July has been torn up.

According to the contract, the two Chinese companies were to invest some 335 million US dollars in return for 53,9% of the shares in Swedish Automobile. In a press statement, the owners of Saab say they are cancelling the contract because Pang Da and Youngman have not transferred all the money they had promised as a bridge loan to Saab.

According to Swedish Radio P4, Pang Da and Youngman have last week, as well as over the weekend, put in bids for 100% of the shares in Saab Automobile. The offer was however seen as "unacceptable" by Swedish Automobile. Negotiations are however ongoing, partly because Pang Da and Youngman have exclusive rights to negotiate with the company until November 15.

"We are cancelling the agreement, but we are continuing discussions with Pang Da and Youngman. Other than that, I have nothing to say," Saab's press spokesperson Gunilla Gustavs told Swedish Radio P4.

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