Update: Deal completed and awaiting approval
December 3, 2011 in News
According to information available to TTELA, after long negotiations in Stockholm an ownership structure has now been found for Saab, hope is that it will be approved on all levels, even GM.
The structure has been signed by Victor Muller and is developed with the chinese partner Youngman. Exactly how the suggestion looks is unclear, but Youngman seems to have backed down from its previous desire to take a majority part in Saab. It is not unlikely that Youngmans part is now below 20% to agree to the terms set by General Motors.
In the deal, a third party, probably not chinese, is also included but this part is also a minority. It is however unclear if Pang Da still has any part in the new ownership role. The problem according to TTELA’s sources is that Pang Da has been the one pushing for a larger ownership role in Saab, larger than what GM would accept.
Pang Da has not been present at the negotiations in stockholm during these last few days. This new deal is likely Saabs only way of avoiding bankruptcy. The papers were sent over to GM yesterday and right now, the tension is high as to what the reaction might be in Detroit.