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Chinese Minister of industry is in principle supportive of their Saab purchase

Tuesday, 01 November 2011
China's industrial and IT minister Miao Wei supports "in principle" Pang Das and Young's plans to buy Saab. Reuters cornered him at an industry trade show in Shanghai and gained the information from.

It is the first official indication of how the Beijing government's reaction to the two Chinese companies' plans to take over Saab. It is also an indication that the purchase is going the right directio

Pang Da and Youngman signed last week a preliminary agreement to purchase Saab Automobile. Under the reorganization plan as the authority administering reorganisation, lawyer Guy Lofalk submitted to the district court, the two Chinese companies undertook a so-called bridge loan of €50 million, approximately Skr 450 million, and they have also committed funding of EUR 610 million, about 5, 5 billion, over the medium term.Until 2017 the Chinese say they are willing to invest a total of Skr20 billion. This is about manufacturing in China and development of several new models.

An approval from the Chinese government is crucial to the deal going through. Asked by Reuters whether Industry Minister Miao Wei on his ministry position will approves the deal, he replied: "We support it in principle."
By Scancomark.se Team

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