Lotus Auto CarsLately, it seems whenever there’s a problem with production at Saab’s Trollhattan plant, the Swedish automaker’s parent company Spyker Cars N.V. announces a new deal with a Chinese company.
Today, Spyker signed a non-binding memorandum of understanding (MOU) with two Chinese firms, Pang Da Automobile Trade Co., Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), which if approved by regulators, could see the company falling into the control of Chinese hands. We'll remind you that Saab had previously signed a deal Chinese firm Hawtai but it failed to go through Chinese regulators.
Saab said the new MOU includes an investment of around €245 million (US$355 million) as well as a strategic alliance consisting of a three partite distribution joint venture and a tripartite manufacturing joint venture for Saab-branded and child brand vehicles in China.
Under the proposed deal, Youngman will take a 29.9 % interest in Saab’s parent company Spyker for €136 million at €4.19 per share and have the right to nominate up to two members on the supervisory board of Spyker.
Pand Da Automobile, which has previously agreed to invest €65 million for a 24 percent stake in Spyker, will raise its investment to €109 million while retaining the same percentage of shares in the Dutch company. As with Youngman, Pang Da Automobile will also have the right to nominate up to two members on the supervisory board.
In May, Saab completed a deal with car distributor Pang Da to buy €30 million worth of cars with the Chinese company later adding another order for vehicles valued at €15 million.
Scroll down to read the comments made by Spyker and Saab CEO Victor Muller as well as by his peers at Pang Da and Youngman.
Today, Spyker signed a non-binding memorandum of understanding (MOU) with two Chinese firms, Pang Da Automobile Trade Co., Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), which if approved by regulators, could see the company falling into the control of Chinese hands. We'll remind you that Saab had previously signed a deal Chinese firm Hawtai but it failed to go through Chinese regulators.
Saab said the new MOU includes an investment of around €245 million (US$355 million) as well as a strategic alliance consisting of a three partite distribution joint venture and a tripartite manufacturing joint venture for Saab-branded and child brand vehicles in China.
Under the proposed deal, Youngman will take a 29.9 % interest in Saab’s parent company Spyker for €136 million at €4.19 per share and have the right to nominate up to two members on the supervisory board of Spyker.
Pand Da Automobile, which has previously agreed to invest €65 million for a 24 percent stake in Spyker, will raise its investment to €109 million while retaining the same percentage of shares in the Dutch company. As with Youngman, Pang Da Automobile will also have the right to nominate up to two members on the supervisory board.
In May, Saab completed a deal with car distributor Pang Da to buy €30 million worth of cars with the Chinese company later adding another order for vehicles valued at €15 million.
Scroll down to read the comments made by Spyker and Saab CEO Victor Muller as well as by his peers at Pang Da and Youngman.
