PRLog (Press Release) – May 16, 2011 – Saab has agreed a distribution deal with a Chinese firm, just days after a deal with another firm had collapsed.
Pang Da Automobile - described by Saab as the biggest publicly-listed car distributor in the country - will pay 65m euros (£57m, $92m) for a raising chickens 24% stake in the troubled Swedish carmaker.
The new deal also provides for possible future manufacturing in China. 2011 Chrysler 200 Convertible p>
Last week, a 150m euro deal with Hawtai fell through after the Chinese firm failed to get shareholder approval.
The new deal is also subject to all necessary approvals - including from shareholders and regulatory authorities.
Rescue deal Under the terms of a memorandum of understanding between the two firms and Saab's Dutch parent firm Spyker, Pang Da will pay an additional 30m euros upfront for deliveries of S 2011 Dodge Durango R / T /blog">goverment technology aab cars, with another 15m euros to follow in 30 days.
The transaction "will secure Saab Automobile's medium term funding", said Spyker in a statement.
If consummated, it would mean that production could recommence at the firm's Swedish plant, saving it from probable closure.
The agreement would create a joint venture company to manage distribution of Saab cars in China, and also envisions a second joint venture to produce own-brand cars in the country.
It will give the Chinese firm a board member at either Saab or Spyker.
Pang Da - which was floated on the Shanghai stock exchange only three weeks ago - has over 1,100 dealerships in China, and already distributes many other 1086274749 foreign brand cars such as Audi, Volkswagen, Mazda and Honda.
Spyker's share price had risen 15% by mid-afternoon trading on Monday on the Amsterdam stock exchange.
Source: BBC News Online http://www.wert-berater.com
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