The founder of China’s Youngman – Pang Qingnian – has revealed Youngman submitted a $2 billion offer to buy Saab from the administrators on 14th February. We’ve all seemingly written-off Saab as dead and buried; a once proud marque consigned to the scrap heap of history after the debacle of GM ownership and Victor Muller’s ill-fated […]
Saab: Turkey’s Brightwell Holdings & China’s Youngman vie for Saab
Despite its bankruptcy, it seems China’s Youngman and Turkish equity form Brightwell Holdings ar planning on staging a bid. Saab may be bankrupt – and its car heritage from the Saab Museum up for sale – but that hasn’t stopped interest in Saab as a viable car maker from prospective suitors. And it seems the front-runners […]
Saab: Forget Pang Da – now it’s Bank of China
It’s reported that Victor Muller has now put together a new deal to ‘Save Saab’, involving Youngman and Saab plus the Bank of China. In yet another new deal for Saab, it’s reported this morning that Victor Muller has now put together a new deal to try and save Saab from its (still) imminent desire. […]
Saab: Muller used Antonov money to purchase Saab
Victor Muller has told Swedish TV that the money he used to buy Saab was funded by alleged fraudster Vladimir Antonov. In a revelation that will surprise no one, Saab ‘owner’ Victor Muller has revealed that the $74 million paid to GM when Spyker (as they then were) bought Saab was supplied to one of […]
GM blocks Saab sale to China
General Motors has said it will not allow its technology used by Saab to be sold to the Chinese. That means no Saab 9-4X or Epsilon Platform. Last week we had the first reaction from GM to the announcement that Saab was to be sold to China’s Youngman and Pang Da. And it wasn’t positive. […]
Saab China: Deal to sell Saab to Youngman & Pang Da is already in trouble
Only days after Saab announced it had accepted a takeover offer from China’s Youngman and Pang Da, GM casts doubt on its viability. Selling Saab to China was always going to be fraught with difficulties. The initial deal Victor Muller seemed to have brokered with Youngman and Pang Da was to sell a majority stake in Saab […]
Saab China Deal: Chinese Government support ‘In Principal’
With the deal for China’s Youngman and Pang Da to take control at Saab outlined, the Chinese Government now says the approve of the deal ‘In Principal’. Yesterday we had the news that Pang Da and Youngman – the Chinese companies seeking to buy Saab – have outlined the investment they propose to make in […]
Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED
Reports from Sweden this morning claim that the new Chinese owners of Saab – Pang Da and Youngman – plan to invest $7.5 billion in the coming years. Update: We have now been told by Saab that Pang Da and Youngman are to provide €50 million immediately and €600 million for short to medium finance. Funding for […]
Saab reportedly sold to China’s Pang Da & Youngman for €100 million
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 […]
Saab China – Deal Dead
Saab has announced overnight that the deal with Youngman And Pang Da in China is terminated. Did we expect anything different? Saab has announced that the deal for Chinese companies Youngman and Pang Da to take a €245 million stake in Saab has been terminated. Saab say that they have terminated the agreement because Pang Da and Youngman have failed […]