Manufacturing News

Pang Da moves to save Saab acquisition

Pang Da Automobile Trade Co., one of the two Chinese companies expecting to buy the Swedish car brand Saab, says it is in talks with the other parties of the deal to renew the tentative pact reached earlier this month.

Car distributor Pang Da and private Chinese automaker Zhejiang Youngman Lotus Automobile Co. signed a memorandum of understanding last month with Saab owner Swedish Automobile N.V. to buy Saab for 100 million euros (863 million yuan).

But the agreement expired on November 15. "Currently this company (Pang Da) is in talks with the other parties of the deal about signing a document to confirm and extend the expiration date of the memorandum of understanding," said Pang Da in a statement on November 17.

However, the tentative deal has met strong objection from Saab's previous owner, General Motors.

The U.S. automaker warned earlier this month that it wouldn't support the Saab sale if the deal hurts GM's existing relationships in China or its competitive position in other markets.

GM owns preference shares in Saab. It also licenses technology and supplies 9-4X vehicles to Saab. Without GM's consent, it is uncertain whether the parties can sign a deal, said Swedish Automobile in a statement issued on November 18.

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