Saab Responds to Media Reports, Says Deal with Pang Da Still on ~ Greatest Vehicles

Sunday, 16 October 2011

Saab Responds to Media Reports, Says Deal with Pang Da Still on

Responding to recent media reports, Saab's parent company Swedish Automobile N.V. [Swan] issued a short statement saying the investment deal with China's Pang Da Automobile is still on the table.

Pang Da Automobile had signed an agreement in July to buy a 53.9% stake in Swan for €245 million ($344.6 million), but Chinese regulators have not yet ratified the deal.

"Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."

Wang Yin, secretary of Pang Da's board of directors, was quoted by the Wall Street Journal as saying: "The application has been submitted to relevant government departments and so far everything is going well."
The Pang Da secretary also said that contrary to reports, Saab's bankruptcy protection has not affected the deal.
"That must be misunderstanding," Wang said. "We haven't and don't have plan to revise the deal."


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