IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Monday, October 24, 2011

Saab in meeting with Chinese

Dagens Industri reports that today Saab is in a meeting with Chinese Youngman and Pang Da in Stockholm.

"They are negotiating face to face. The issue is how to proceed," says Gunilla Gustavs from Saab to Swedish news agency TT.

Eventough Saab's parent company Swedish AUtomoible yesterday terminated the agreement with the Chinese, the contact has not been broken.

"No, not at all," says Gustavs.

TTELA reports that Victor Muller is not present at the meeting. It is representatives from Saab that are meeting representatives from Youngman and Pang Da.

To Bloomberg chairman of Pang Da, Mr. Pang Qinghua, said:

"All plans that are beneficial for Saab should be discussed during the reorganization. We have been in touch after the weekend announcement and continue to look at new proposals."

Also today the reconstruction administrator Guy Lofalk's request to the court to terminate the reconstruction has been made available online. In his application to the court Lofalk writes that the Chinese companies wants to make a direct investment in Saab and take over the whole company. And this investment involves a funded business plan of many years.

Saab has until October 27 to respond to the request.