Photo: Björn Larsson Rosvall/Scanpix.

Youngman back in the running for Saab takeover

The Chinese car manufacturer Youngman has made yet another bid to take over the bankrupt Swedish-based car company Saab, reports news agency TT.

The news comes hot on the heels of an announcement that Saab’s spare parts division, Saab Parts, will be nationalized if no buyer is found, despite previous pledges that Swedish taxpayers would not foot the bill for the company’s collapse.

However the new Youngman bid, thought to be worth more than SEK 4 billion (US$560 million), includes Saab Parts.

“Our new bid means that the Swedish state would be fully compensated for the bankruptcy – that would be SEK2,2 billion,” said the lawyer representing the Chinese company in Sweden, denying rumors that the company was now out of the picture in the bidding process.

“On the contrary. Youngman has stepped up its plans to buy Saab and start production as soon as possible.”

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