Saab crisis

Chinese companies want to buy all of Saab

Saab’s supposed Chinese saviours are now insisting that they want to buy the entire company and not just a majority share in it. For Saab’s CEO, Victor Muller, this is not an option, but he has not given up on Chinese companies Youngman and Pang Da coming to the car manufacturer’s rescue, reports news agency TT.

Swedish Automobile released a press statement on Friday, confirming that the Chinese companies want to buy all of Saab Automobile and Saab Great Britain.

“The offer was unacceptable as it would have triggered every conceivable clause regarding transfer of power and could mean the end for Saab,” said Victor Muller to news agency Reuters.

Muller instead wants that Youngman and Pang Da keep to the agreement that was signed in July, which stipulated a combined Chinese ownership of 53.9 percent.

There was reportedly contact between Saab, Youngman and Pang Da on Friday to try and patch up relations.