In an article from reporter Valdemar Lonnroth, TTELA delved into the structure of National Modern Energy Holdings, the 51% majority owner in NEVS. Because they are primarily headquartered in the British Virgin Islands and merely registered in Hong Kong, the NDRC doesn’t have as much of a direct say in the matter. Which makes this whole process much, much easier. The translated article is after the break. Much more on NEVS to come later this week.
Geely Wants to Acquire Saab?
This story has been coming at us for the past 24 hours now and while I’ve been reluctant to cover it since everyone in front of and behind the scenes is denying it, but Dagens Nyheter is reporting on their website that Geely wants to buy Saab. According to their source, a representative from Geely approached Guy Lofalk, the court appointed administrator for Saab, to negotiate a deal. Today, Geely has emphatically denied these rumors.
Interestingly, Eric Geers fanned the flames a little bit though when he said in a telephone interview which Bloomberg reported on, ““Several companies are showing interest in Saab right now…We of course have a binding agreement with Pangda and Youngman.” Why would he want to do that? Well, Youngman’s money still hasn’t been transferred even though it was promised to come through over a week ago. Which leads us to the second story…
di.se reports that the Saab-Youngman-Pang Da deal has today been approved on the provincial level.
In about a month’s time a decision is expected from NDRC centrally after which another two government authorities will have their say.
Local DRC approval came last week.
So far there has only been talk of three authorities – local, provincial and national. Only one more to go, as far as I know. ttela.se also reports that NDRC is the final hurdle.
Saab still needs NDRC approval. After that Youngman will have to submit papers to the Local Commerce Department, contact the Chinese embassies in Stockholm and Amsterdam, file an application with National Department of Commerce and finally (together with Pang Da) get everything approved by Foreign Exchange Bureau. (See Letters of Support from Pang Da and Youngman)
A report from SvD is currently making the rounds in Swedish media. New hope of Chinese money.
Last week we received the approval of the local branch of the NDRC in the city of Hangzhou. This is where Youngman’s headquarter is located.
-Next week on Wednesday we hope to get through it at the provincial level, Zhejiang Province.
This news coming to us from China Car Times, who report that the plan while not public yet will be submitted to China’s National Development and Reform Commission (NDRC) within the next 30 days. The NDRC as you recall oversees all overseas investments totaling over $100 million USD and approves or shoots down plans for major business developments in the Chinese market.
According to CCT, the three way joint venture will be majority controlled by Youngman with 34% and Saab and Pangda each taking 33%, and the board of directors will be made of up 5 people with 2 coming from Saab, 1 from Youngman and 1 Pangda representative making it to the table (leaving room for one outsider, Antonov perhaps?).
While this is light on new news, it gives us a good sense of whether or not Saab is sticking to its timeline for a mid September regulatory approval. With this bit of news, it seems like that is indeed still on track.
Thanks to Silas for the tip! Keep sending links to our email!
Most of the news this morning provides a good wrap up of what’s going on with the various players who hold the keys to Saab restarting production. Click through for an article from Dagens Industri about the meeting with NDRC representatives, ttela’s impressions of what the NDO needs to move the deals forward, and optimistic yet still frank and nervous supplier talk. Finally a reminder of why we care so much about these cars in the first place, Swade does a great job updating us on what the Best of the Road contestants are up to. The 9-4X video is pretty fun.
TTela continues to keep close vigil on all things related to Saab and today features no less than
two three articles concerning one of the biggest unions organizing Saab employees. UPDATE at the end.