Chinese and Swedish governments involved in Saab deal, report says
Both China's and Sweden's governments were deeply involved in negotiating the deal to allow two Chinese companies to acquire the distressed Swedish car brand Saab Automobile AB, according to a Chinese media report.
Under a memorandum of understanding signed on Oct. 28, Chinese automaker Zhejiang Youngman Lotus Automobile Co. and car distributor Pang Da Automobile Trade Co. will purchase Saab for 100 million euros (901 million yuan) from Saab owner Swedish Automobile NV.
The deal was largely the result of negotiations between the Chinese and Swedish governments, reported Sina.com, a Beijing-based news Web site, citing Youngman's president Pang Qingnian.
Guy Lofalk, the Swedish court-appointed administrator overseeing Saab's reorganization, also helped negotiate the deal, according to Sina.com.
On October 17, Lofalk talked to officials from China's National Development and Reform Commission in Beijing for three hours. The commission is China's central economic planning agency.
Commission officials later held talks with Sweden's ambassador to China, Pang told Sina.com.
The tentative agreement reached last week still must be approved by government regulators in China and Sweden, Saab's existing shareholders and other related parties, said Swedish Automobile in a statement.
