- Saab's corporate parent Swedish Automobile said it has rejected a new offer by China's Pang Da Automobile and Youngman Lotus Automobile to buy all the shares of Saab, as well as an earlier agreement to take a majority stake in the flagging automaker.
- Swan said that Pang Da and Youngman had presented it on Friday and Monday with "conditional offers" to acquire 100 percent of Saab Automobile, which Swan deemed "unacceptable."
- Swan said the Chinese firms also "failed to confirm their commitment" to a deal reached in July that would effectively give Pang Da and Youngman Lotus a majority interest in Saab.
TROLLHATTAN, Sweden — Saab's corporate parent Swedish Automobile (Swan) said Monday that it has rejected a new offer by China's Pang Da Automobile and Youngman Lotus Automobile to buy all the shares of Saab, as well as an earlier $350-million agreement to take a majority stake in the flagging automaker.
In a statement released on Saab's corporate Web site, the company said that Pang Da and Youngman had presented Swan on Friday and Monday with "conditional offers" to acquire 100 percent of Saab Automobile, which Swan deemed "unacceptable."
Swan said the Chinese firms also "failed to confirm their commitment" to a deal reached in July that would effectively give Pang Da and Youngman Lotus a majority interest in Saab, as well as a more recent agreement to provide bridge funding to Saab as it goes through the court-protected bankruptcy reorganization process in Sweden.
Swan said that it has "given notice of termination with immediate effect" to the July purchase agreement with Pang Da and Youngman Lotus, but it added that "discussions between the parties are ongoing."
In an interview Monday with Bloomberg, Pang Qinghua, chairman of Pang Da, said: "All plans that are beneficial for Saab should be discussed during the reorganization. We have been in touch after the weekend announcement and continue to look at new proposals."
Inside Line says: It may all be over soon.
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jscion says:
12:41 PM, 10/24/2011
I hope Saab releases the cars it was going to come out with. I'd love to see what the new 92 or 9-1 would've looked like not to mention the next 9-3. They were such cool cars!
rayzor says:
12:32 PM, 10/24/2011
RIP, SAAB
hoseclamp says:
11:22 AM, 10/24/2011
just let them die, then someone will come in and buy up all the facilities/hardware for pennies on the dollar, and rehire a now free-to-negotiate workforce away from the previous union agreements.
krankshafted says:
09:11 AM, 10/24/2011
Ugh...why, Saab...whyyyyy...