Pang Da And Youngman Stay Optimistic

Ttela.se reports that Pang Da and Youngman are optimistic to strike a deal by Friday, 25th:

It’s Automotive News China, which reports on a continued hope for Chinese companies, Youngman and Pang Da that manage to get GM on its side in the Saab deal. The intent of the parties signed would be binding on November 15 but will now be extended until 25 November, ie this Friday.

The interesting info is that the MOU will be extended until Friday. This, in combination wit Youngman sending money to Saab to pay the wages, indicates that the Chinese are pretty optimistic about the case.

I’d tend to think that the new offer contained some serious efforts since GM’s spokesman James Cain confirmed that there will be no ok for a 100% takeover by Pang Da and Youngman (di.se):

Are you prepared to accept a deal with Youngman and Pang Da owns 100 percent of Saab?
“No. Let me be clear. Saab and Youngman can do whatever they deem best for the company. But if there is one hundred percent takeover of Saab, they will do it without the vehicles we supply, 9-4X, and without GM’s technology, “said James Cain.

Looks like this week is yet about to become interesting.

kcaco

Peter, Sweden
Member
4 years 10 months ago

Pang Da and Youngman stay optimistic = Peter stays optimistic 😀 Good news!

MrTinkertrain
Member
4 years 10 months ago

I stay sceptic because in this phase being optimistic is simply not enough. It seems that the management of Saab do not know the old saying: time is money.
When I will see THE DEAL (reflecting to a big word leaving someone’s mouth months’ ago) I will be optimistic.
Keep calm and carry on as well:)

Peter, Sweden
Member
4 years 10 months ago

Oh, I think they are more than aware about the fact that time is money. Or do you think that the lack of a final deal is because of them not hurrying as much as they can? Totally agree on your last sentence though, keep calm and carry on (for the 159th time ^__^).

aop
Member
4 years 10 months ago

That news was reported first yesterday, so it’s not that new.
Besides GM reaffirmed their position since.

aop
Member
4 years 10 months ago
Troels, Denmark
Member
4 years 10 months ago

Seems very unlikely that GM would approve a deal with 100% Chinese ownership already Friday (if at all..) ! 🙁
It also seems very unlikely that Saab should be able to change the 9-3 and 9-5 models so they will be truly GM-independent – at least in a reasonable time-frame…
Wonder what will happen …

michaelb
Member
4 years 10 months ago
I am really curious about the tight timeline. It is interesting that GM is really concerned about its Opel subsidiary. GM overhauled top executives. Nick Reilly was ousted as chairman and was replaced by Stephen Girsky. Further, two top executives were appointed into the Opel supervisory board, namely GM CFO Dan Amman and International Operations president Tim Lee. They will exert pressure to restructure Opel sharply. By contract, there are very few options, as till 2014 there are factory and employment guarantees. Opel now will have to put pressure on IG Metall to renegotiate contracts. According to analysts, even the… Read more »
Red J
Member
4 years 10 months ago

michael,
I think GM is making a lot of noise on the Opel case. I will put it simple, besides of the Trucks, which GM-US car is bases on US tech?

Even their 2nd gen. EV, the Volt, has lots of Euro tech in it. GM has to keep GMEu alive, otherwise they will only have trucks and micro cars(from Korea) for sale.

kochje
Member
4 years 10 months ago

Let us not speculate about the percentage which will be taken by the Chinese but let us look at the MOU that is extended till Friday.
All parties involved do have the point of view of GM and that before the first deadline of this MOU was reached.
So it is a bit positive this deadline is extended and the fact they announce this only a few days before the 25th and not immediately after the first deadline was passed; this must have a ground.
The parties involved are not just putting time in this without any reason.

Belfast_Saab
Member
4 years 10 months ago

+1, I’m sure there must be substantive talks going on or else it would all be over by now. GM must see scope for agreement and Youngman the chance of a deal to which they have already contributed significant funds with minimal chance of recovery in a disaster scenario. Failure is not an option.

aop
Member
4 years 10 months ago

So GM would be publicly lying repeatedly when they said they don’t negotiate with the Chinese?

M.A.
Member
4 years 10 months ago

I agree with kochje, there’s probably a reason . But I guess we have to sit a wait.

Iiari
Member
4 years 10 months ago

I don’t know if this impacts things, but the US Thanksgiving holiday is Thursday and most people have Friday off as well, so it may be a skeleton crew at GM…

David Robert
Member
4 years 10 months ago

my thoughts exactly

paddan
Member
4 years 10 months ago

2 years ago, around Thanksgiving, the deal with Koenigsegg fell apart and GM declared that Saab would close. I predict something positive will happen and that no news is good news at this point. We can only wait and see.

On another topic, but somewhat related, this morning, I came across a brochure for the 9-5 wagon that was handed out at the 2011 SOC. What a beauty. Saab has too much going for it to die. I really believe that it would be in every stakeholder’s interest to figure things out.

quickbird
Member
4 years 10 months ago

YMPD keep Optimistic and sent the money for Nov. salary because they don’t have other options. I think they finally would buy SAAB, but only for the logo, nothing else. It would finally come out as what lots of Chinese medians said, they buy a shell. What foolish they are…

aop
Member
4 years 10 months ago

In fact, what Mr Pang Da said is that they extended the MOU (in fact they signed another one) until Nov 25th. And he hopes they will sign the deal by that date, if GM will approve it by then. This is not to optimistic, he’s just hoping that GM will chage its mind until Friday.

Few days ago he also said that GM eased up their position and he was on his way to Sweden to take care of various problems…

CSD_ChineseSaabDriver
Member
4 years 10 months ago

My prediction:

The Chinese parties will CERTAINLY strike a deal to get Saab, but in two phases:
1. Now sign a deal for only 49% ownership, SWAN still controls 51%, to get GM on the boat.
2. The contract will be that after 5 years (or even 3 years), the Chinese get 100% ownership, and get most of GM stuff out of future models.

Jason
Member
4 years 10 months ago

I agree with you on the 5 years thing. But my guess is 100% with 5-year restrictive use of IP.

CSD_ChineseSaabDriver
Member
4 years 10 months ago

Could be. I just hope they will get the deal done some way, good for all parties especially for the Saab workers. Let’s keep in hope and wait and see. I believe NDRC will not be a problem as long as the contact says after some years the Chinese parties will get 100%.

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