Tuesday, June 14, 2011

Saab becomes Chinese 54%, missing only cleared

The story on the sale of part of shares by the Spyker Saab, owner of the house from the beginning of 2010, it came close to conclusion: the Dutch manufacturer has signed a letter of intent for the sale of 54% of their shares in two companies Chinese: the first is the Pang Da, the leading provider of cars in the Asian country (with 1,100 dealers) who will pay 109 million euros for 24%, and the second is Zhejiang Youngman Lotus, with an investment of 136 million will come into possession of 29.9% which will be licensed to build Saab in the shadow of the Great Wall, and then distribute them locally.

The transaction, which significantly strengthens the financial position of Saab, has yet to get the green light by the Beijing authorities, which would require at least 2 months. This joint venture that has developed in China and once the production Saab sees Zhejiang Youngman and Lotus at par with 45% each while the remaining 10 being held by Pang Da Regarding the distribution, however, the shares will be allocated at different way: it will hold 34% while the first two have 33% each.

On May 16 last Spyker Cars NV and Saab Automobile AB had signed a memorandum of understanding with Pang From a strategic alliance that included an equal distribution (DJV) and production (MJV) for vehicles in the Saab brand and the brand's Asian MJV in China. Pang Da Saab had also agreed that they would choose a new partner called together to produce the Swedish car in China that partner has now been identified in Zhejiang Youngman.

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