It seems the deal with the Chinese Pang Da and Youngman. SAAB’s owner signed the memorandum of understanding which needs the usual approvals from shareholders and other assorted sundry hangers-on. Does that mean the speculation regarding the beleaguered Swedish carmaker is at end end? Let’s hope so. It seems the Chinese are buying everything in sight and over the last decade have swallowed auto manufacturers like cough drops. Vovlo was sold to Geely earlier on but it seems the Asians are good at letting their acquisitions get on with things.
The memorandum worth €100,000,000, stays in force up to the 15th of November so the interested parties will need to get a wriggle on if they are to finalise things by then. Still, it beats the alternative which is bankruptcy.
The administrator has withdrawn his application for exit from re-organisation. Perhaps he just wanted to give both sides a gentle prod but in any case the future is looking better.
It’s worth noting of course that GM, SAAB’s ex parent, still owns whole lumps of SAAB technology rights. The tech, developed by SAAB then used by GM in other models was the subject of pages of conditions during the sale process. It is likely these conditions which have made SAAB a less attractive proposition. SAAB developed this technology but in effect wasn’t allowed to use much of is in new models except under certain conditions. GM was very happy to allow development but much less enthusiastic about sharing it round. That says far more about GM than it does about SAAB. I feel very sorry for the Spyker people who seem to have come out of this deal the worst for wear.
There seems to be something decidedly fishy about the process. One would be forgiven for thinking GM was trying to ensure SAAB sank. The fact that the plucky Swede hasn’t gone down the gurgler is down ton the affection which vast chunks of the car buying public have for SAAB. I can’t imagine this kind of fuss if it was GM in the same situation.