Thread: Again it lives---

Thanks for that! I hope the deal will work out.
Feels like I am going to buy a Saab now. I'm quite tempted, there are some well preserved older ones around. I like them. And spares aren't an issue either.
Hi Pedro, btw

Originally Posted by Jojo

Thanks for that! I hope the deal will work out.
Feels like I am going to buy a Saab now. I'm quite tempted, there are some well preserved older ones around. I like them. And spares aren't an issue either.
Hi Pedro, btw

If I remember correctly, SAAB, VOLVO, and PUGEOT share a lot of mechanical parts.....


(well they used to, I had an 80's euro 604 pugeot, parts and especially head gaskets well cheaper using volvo parts (same numbers I believe)

Sorry Jojo,,

Saab shirks takeover bid by China's Pang Da and Youngman, terminates deal

By Zach Bowman RSS feed
Posted Oct 24th 2011 11:01AM




Saab has officially confirmed that it has terminated its deal with Pang Da and Youngman. In a press release, the company said that the deal came to an end because both of its Chinese partners failed to live up to their end of the bargain; namely supplying Saab with the interim funding necessary to continue operations during the manufacturer's reorganization. In response, Pang Da and Youngman apparently offered a complete takeover by purchasing 100-percent of the Swedish automaker's shares, but Saab since rejected that offer, calling it "unacceptable." However, Saab notes that further discussions are ongoing.

That leaves the future of Saab in its most precarious state since the deal with Pang Da and Youngman was initially announced back in July. While the automaker recently signed a smaller deal with North Street Capital, it's unclear where Saab is headed in the immediate future. Why has CEO Victor Muller and his team decided that it's better to risk slipping into bankruptcy instead of having the brand live on under Chinese ownership? Is there another partner in the works, is this just a misguided power play, or is there something else afoot entirely? Only time will tell – as Saab's last 24 months indicate, absolutely nothing can be ruled out. For now, hit the jump for the full press release.

Weird news indeed. I'll have to listen to the grapevine to see what's going on apparently. How come that you have all that information before me, although living a few miles further away, Pedro?

Saab agrees to be sold to Pang Da, Youngman

By Zach Bowman RSS feed
Posted Oct 28th 2011 9:56AM

143

Comments18



Despite shunning a previous takeover bid earlier this month, Swedish Automobile N.V. and Chinese automakers Youngman and Pang Da have signed a memorandum of understanding for the outright purchase of Saab and Saab Great Britain for just €100 million, or around $140 million USD. The deal is still subject to the approval of various authorities, including the Chinese government, but the deal is expected to go through. Guy Lofalk, an administrator in the reorganization of Saab, has officially withdrawn his application to withdraw from reorganization. Unfortunately, this doesn't mean that Saab is completely out of the woods.

According to The New York Times, industry watchers suggest may take anywhere from $800 million to $1.5 billion to set the beleaguered automaker back on the path toward profitability, and it's unclear whether Pang Da and Youngman have the desire and the ability to invest that sort of cash into the company. At this point, Saab hasn't produced a single vehicle since spring of this year, and it remains unclear when – or even if – assembly will resume. Hit the jump for a press release on the deal. Show full PR text

Saab's Chinese buyers commit over $850M in long-term funding

By Steven J. Ewing RSS feed
Posted Oct 31st 2011 10:45AM





Saab may have finally been saved last week when Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. agreed to buy the Swedish automaker, thus providing some much-needed short- and long-term financing. Pang Da and Youngman purchased Saab for 100 million euros ($142M USD) and they are offering up a €50 million ($70M) bridge loan. Most importantly, the Chinese companies have now pledged €600 million ($854M) in long-term funding. That's assuming, of course, that the Chinese government gives this deal its seal of approval – a very big "if."

According to Saab's restructuring plan, vehicle production will once again resume in Sweden and Mexico, though vehicles may be built in China in the future. Saab is keen to get its latest products – the 9-4X and 9-5 SportCombi – out to its key markets, and hopes to sell up to 55,000 units in 2012, with an even larger goal of moving 205,000 units per year in the long-term. That's very optimistic, especially considering that in 2010, Saab sold just under 32,000 vehicles.

Even so, Pang Da and Yougman are confident that Saab can become a profitable company in the very near future. The restructuring plan states that 2012 and 2013 will be "financial transition years," with full profitability expected in 2014. Follow the jump to read the full release. Show full PR text

This time I've heard about it before!!!
Cheers

GM taking issue with Saab ownership change

By Jeremy Korzeniewski RSS feed
Posted Nov 4th 2011 6:45PM




Big trouble is brewing in little China. While Swedish automaker Saab was has agreed to sell itself to Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. for what seemingly amounts to a pittance ($142 million and up to $854 million in long-term funding), General Motors, Saab's former parent in the United States, is apparently none too pleased.

In a statement by spokesman Jim Cain, General Motors noted the following: "GM would not be able to support a change in the ownership of Saab which could negatively impact GM's existing relationships in China or otherwise adversely affect GM's interests worldwide."

How would GM's Chinese efforts be negatively impacted? Remember that Saab's current line of vehicles uses major structures and technologies developed from The General's latest parts bins. Consider, too, that GM has a major deal with SAIC, the largest automaker in China. If Pang Da and Youngman were able to procure GM's intellectual property and technologies as a result of the Saab purchase – especially at cut-rate pricing – SAIC and its costlier joint venture with General Motors would look more than a bit out of place.

According to Reuters, General Motors likely still has enough control of Saab to squash the pending sale to its would-be Chinese owners if it is in the company's best interest to do so. Plus, the Chinese authorities have yet to put their stamp of approval on the purchase of Saab. In other words, this already long and impossibly complicated story continues to get even more so.
News Source: Reuters via The Truth About Cars