Dongfeng Motor hopes to acquire Saab assets, China report says
Dongfeng Motor Corp., a major state-owned Chinese automaker, plans to buy the remaining assets of Saab Automobile -- including its assembly plant -- after the Swedish automaker is liquidated in April, according to Chinese media.
Dongfeng wants to develop passenger vehicles under its own brand, and Saab's assets could help the company to improve technology, the Beijing Times reported, citing an unnamed Dongfeng source.
One of the two Chinese companies that tried to acquire Saab last summer may launch a new bid for its assets.
Zhejiang Youngman Lotus Automobile Co., which has purchased Saab's Phoenix architecture for 80 million euros (654 million yuan), wants to buy more Saab assets, according to the Beijing Times.
Other companies may be interested, too. An unnamed Turkish company wants to scoop up Saab's assets, the daily newspaper reported.
Meanwhile, Mahindra & Mahindra Ltd., India's biggest SUV maker, might bid to acquire some Saab assets, Bloomberg News reported, citing unnamed company sources.
On Dec. 19, a Swedish court declared Saab bankrupt after General Motors blocked a bid by Youngman and Chinese auto distributor Pang Da Automobile Trade Co. to acquire the Swedish automaker.
GM, a former owner of Saab, still holds preferential shares in Saab and supplies key parts for Saab vehicles.