TV4 report about a sale of Saab to Pang Da and Youngman

Just found that on sverigesradio.se

Swedish Automobile have agreed with the Chinese companies Youngman and Pang Da to sell Saab Automobile, according to sources of P4 West.

At Saab’s information department were few comments.

– When something concrete comes out of the negotiations and we’ll tell it through a press release, says Gunilla Gustavs to P4 West.

Reportedly, the parties agreed late last night. According to data for P4 West would purchase price to be 100 million.

That the negotiations dragged on yesterday might explain to Saab Automobile failed to keep the deadline the district court in Vanersborg had set.

Before the bell 13 Saab would be received with a request to continue the reconstruction and to replace the administrator Guy Lofalk, but no sign of life came from the company.

Just before closing time announced, however, Saab’s general counsel Kristina Geers negotiations between Saab and the Chinese companies Pang Da and Youngman was critical to Saab’s position on the issue.

Now that the negotiations are completed is a statement from Saab to the district court in Vanersborg expected later today.

For the moment let’s keep calm. This is quite emotional for some of us but let’s wait an official press release. And not to forget: the last word on this has GM.

52 thoughts on “TV4 report about a sale of Saab to Pang Da and Youngman”

  1. I found a similar message on reuters.com. Don’t know if I can post a link here, but the main lines read like this:
    “Pang Da Automobile Trade Co (601258.SS) and Zhejiang Youngman Lotus Automobile Co are close to reaching a deal with Swedish Automobile (SWAN.AS) for a possible takeover of Saab, a source with knowledge of the matter said on Friday.”
    Source not specified however …

  2. Reportedly, the parties agreed late last night. According to data for P4 West would purchase price to be 100 million.

    The original article says it is 100 million EUR.

  3. According to Dow Jones Newswires SWAN is talking to Pang Da (and Youngman?) about a full take over of Saab Automobile. They have also spoken to mr. Wang Yin of Pang Da. He says it’s still unknown when the discussions will be finished.

  4. SWAN is halted at Amsterdam stock exchange and it is not being halted due to unusual market activity this time (it’s usually halted when the price rises / falls rapidly).

    It could be SWAN that has asked for the halt until the official announcement comes.

    I feel good news is in the air 🙂

  5. If this turns out to be true, it’s good news. At least something is happening and we’ll have a financially strong owner that will secure the production at Trollhättan. At least for a couple of years (you’ll never know).

    I have a question. Will SWAN get the entire 100 million euros or are they obligated to pay the creditors first? They’re rich.

    • SWAN borrowed money to acquire Saab from GM (from VA amongst others). With the proceeds of the sale he can pay those debts back. I’m not sure how high those debts are, though, and if € 100 million will be enough.

  6. Did the rollercoaster just come down from its last hill approaching the station waiting for new passengers to come on board? Personally, I`d like another ride, but a lot smoother thanks!

  7. Does it be a good news? I don’t think so as I’m positive thinking.
    China presents: All new XXX Turbo 7XXX Hatch made in China. I don’t think the Saab will stay in Trollhattan. Maybe for short period only. Business is business. And what about North Street Capital? It seem’s the adventure goes on.

  8. Unless it gets ongoing guarantees about it’s IP, GM could well prove to be a fly in the ointment. It certainly didn’t make the sale of Saab very easy last time. I don’t expect it to this time either.

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