Saab Sold to China?
Reports from Sweden this morning are claiming that Victor Muller has agreed to sell Saab outright to Pang Da & Youngman for €100 million.
Update: Just minutes after publishing this story we’ve heard from Saab confirming this report is correct and that the administrator – Guy Lofalk – has withdrawn his application for Saab’s court protection to be removed. The deal will be subject to Government approval. The ‘deal’ with North Street Capital is no longer.
Early reports this morning from Sweden are claiming that Victor Muller has agreed to sell Saab outright to Chinese companies Pang Da and Youngman for €100 million.
Saab were due in court yesterday to put their case to the Swedish Courts after the administrator of their court protection – Guy Lofalk – applied for the court protection to end as, in his opinion, Saab didn’t have access to the funds necessary to restructure.
Saab failed to appear, but sent a note to the court just before the court closed requesting more time to present their case as they were in intense negotiations to solve their problems. It seemed like yet another delaying tactic from Victor Muller, but if the reports this morning are right, it looks like things have changed.
At the weekend, we called for Victor Muller to allow the Chinese to take over Saab lock, stock and barrel, and put aside his ambitions to keep control. It looks like that may be exactly what has happened.
There are no confirmations yet if this deal is real, but TV4Nyheterna West in Sweden claim to have seen the contract confirming the deal.
If they’re right, we should be hearing from Saab soon. More then.
Dteamer says
And about time too, whilst Saab still has a semblance of worth. It seems as if the €100 million is a token amount. The report the other day that the deal on the table refused by Muller for €700 million included the investment the Chinese will need to make straight away to get Saab back in to some sort of order.
This was the only sane route to go, if only Muller’s ego had permitted it earlier a lot of heartache could have been avoided.
Now we need to know if the NSC deal for Spyker is really real. Muller should now go the whole way if he’s realised he can’t keep control of Saab and do the same with Spyker, and let CPP get on with giving Spyker a viable future.