It looks like the reported deal between Hawtai Motors and Saab, which would have seen the Chinese automaker taking a 29.9% equity stake in Saab parent company Spyker Cars for US$172 million, has fallen through.
Apparently, Hawtai was not able to obtain all the necessary consents for the deal, which reports indicate may be because Beijing views the company as too small and too weak to manage the risks.
The reports add that Saab and Hawtai are continuing to work on a deal, but Saab added in a statement that the talks are no longer exclusive. Meanwhile, Chinese SUV maker Great Wall is also in talks with Spyker over a potential tie-up with the Swedish concern, which needs funds to pay overdue bills and resume long-term production.
