Saab said to be quite on Chinese purchase of the companyFriday, 28 October 2011
Two Chinese car companies are now close to reaching an agreement with Saab Automobile to take over the Sweden-based automaker, said a source familiar with the ongoing talks between the companies to Reuters on Friday.
Shares trading of Saab owner, Swedish Automobiles is been reportedly halted on the Amsterdam stock exchange according to reports from various Swedish news sources.
Key people in the business management could not immediately be reached for comment.
What is practically known is that the Chinese companies Pang Da and Youngman has for weeks been in discussions with Saab Automobile, according to the source.
Reportedly, the parties agreed late last night and the negotiations dragged on to explain that Saab Automobile failed to keep the deadline in Vanersborg district court had set.
Saab would have been in which request to continue the reconstruction and to replace the administrator Guy Lofalk by 13 hours Swedish time, but no sign of life came from the company.
Just before the closing time, one of Saab’s Saab's leading legal representative, Kristina Geers, however announced, that negotiation between Saab and the Chinese companies Pang Da and Youngman was critical to Saab's position on the issue.
Now the negotiations are said to be completed according to statement from Saab to the district court in Vanersborg which is expected to comment about the issue later today.
A source told Swedish TV channel TV4 News that the agreement, which is not yet public, has "brought strong reactions in parts of Saab."
Saab was early on Friday morning not yet ready to make a few comments about the information from Beijing.
“We have no comments to make.”
“When and if we will make it will be soon, we use a press release,” said Gunilla Gustavs at Saab's information department.
The agreement that has been written on the deal as reported to the TV 4 News West is about a Chinese purchase of the Saab. The price tag will be around EUR 100 million, channel 4.
By Scancomark.se Team
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