In light of recent activity, or lack there of, Swedish Automobile N.V. and Saab have announced that they will terminate the subscription agreement with Chinese companies Pang Da and Youngman. The statement was released after the two outfits failed to confirm their commitments to the Swedish automaker which were written up in July of this year. The plan was to supply Saab with long term funding after approval was given by the Chinese government: but things never really seemed to fall into place. Both Pang Da and Youngman were supposed to supply bridge funding by the first October, but that never happened. Instead, an alternative transaction was presented.
The offer was for a 100 percent purchase of Saab Automobile shares. According to the company, the offer provided was simply “unacceptable.” Despite that, Saab hasn’t completely cut ties with Pang Da or Youngman. Apparently, “discussions between the parties are ongoing.” With the Chinese out, hopefully Saab can battle with the Swedish Reorganization firm to allow the American investment company, North Street, to take stock in the manufacture. Until that is confirmed, there is one more chapter in the book of Saab that seems to be complete.
Source: Saab
