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.
F5-button on alot of newspage this day… 🙂
Hopefully that will save Saab now 😀
I am not cheering yet about this! Will still be waiting.
The most important thing is if Saabs future in Trollhättan are saved – and the Saab-spirit and integrity kept alive.
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Not only GM but Saab Aerospace and Skane District too for the naming rights? There may be a condition that manufacturing and development must continue in THN to preserve the brand name.
Umm… Hooray?
Why did we have to wait 2 years for that :/
Can we start an online petition for Pang Da and Youngman to re-hire JAJ as CEO? Or better yet, JAJ appreciation convoys?
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Youngman & Pang Da need a Western Man to drive SAAB.
The best choice is JAJ.
If the Volvo managed with the chinese, Saab will do it too 🙂
http://www.volvocars.com/intl/top/about/corporate/pages/management-team.aspx
Here you can read that the volvo ceo is stefan jacoby sounds not like a chinese men
the volvo ceo is stefan jacoby sounds not like a chinese men
Nope, he is German
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 …
The original article says it is 100 million EUR.
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.
so, no news about North Street Captical.
And that I consider a bit disturbing: were NSC only brought in to force PD & Y back to the negotiating table?
And GM decides Saabs faith again. Dear god.
… better Money from china as no money for GM if Saab goes bankcrupt
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Pity though IF this rumour is true AND means that we never will see the 9-1 Muller was fighting for. More focus now on making larger Saabs for the Chinese market if Y & PD are 100 % owners, perhaps?
Youngman already describe their plan.
9-1 vs BMW Mini
9-6 vs BMW X6
9-7 vs BMW 7
so the product range will be 9-1, 9-3, 9-4x, 9-5, 9-6, 9-7.
BMW mini sell very well in china, No competitors. Fiat 500 came in China last month.
Interesting!
“Release Me” as Oh Laura sang for one of Saab ads on TV.
Release Saab from GM, EIB and everone!
Swan stock stopped!
Great news, but what about VM? I hope he will have some role in this in the future?
Saab up!
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 🙂
Now di.se writes about the halted stock.
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.
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!
Dow Jones Newswires writes Guy Lofalk has withdrawn his request to end the reconstruction…
The Dutch financial authority (AFM) has suspended trading in SWAN because it expects a press release today.
DOW JONES newswire reports GL has withdrawn the application to end reconstruction….
Yehaaaaaaaaaaaaaaaaaaaaaaaaaaa!
I can’t help but feel that the good readers of SaabsUnited may not be altogether united by this news, if it is true.
It would stir up some mixed feelings for sure, but I think everyone would agree that it is great if this finally will restart production. 🙂
If the production start soon, it’s great. But I think many will follow the new SAAB as close as possible to make sure that the SAABs will be SAABs in the future.
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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.
Dow Jones seems to have spoken to VM. He confirms Pang Da and Youngman will take over 100% of Saab Automobile.
I take a deep bow for Victor Müller, if this works out we can remember him as the person who picked up SAAB as they were put overboard by sinking GM, left to drwon, and brought it into a safe haven… This guy has my deepest respect, honestly.
For me VM is a Hero. He is the man who saved SAAB.
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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.
+1 My understanding was that GM were not at the table here.