Fleet News

Saab turns its back on Chinese takeover bid

Saab has rejected an offer from Pang Da and Youngman to buy the company.

Pang Da and Youngman had previously agreed to inject 245m euros (£215m) into Saab in exchange for about half of the company, but now wants to take complete ownership.

The news comes in the wake of the court-appointed administrator planning to terminate a voluntary reorganization, possibly forcing Saab to exit creditor protection.

Saab's administrator said it lacked the cash to carry on and has asked a court to halt its reorganisation process.

If the court agrees, Saab will almost certainly be declared bankrupt.

Administrator Guy Lofalk said he did not think Saab would get the required funds and therefore no longer thought its three-month reorganisation under bankruptcy protection would be successful.

Saab's owner, Swedish Automobile, said it would contest Lofalk's request and would demand a new administrator.

The court has said it will rule on the issue on 28 October.

Swedish Automobile added that the developments did not affect the $70m (£44.6m) investment secured from US private equity group North Street Capital that it had previously announced.

Saab said it would delay publishing its third-quarter results by a month, and would now report on November 30 instead of October 28 as previously planned.


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