And the deal is done – Swedish Automobile announced today that Saab will be sold to two Chinese companies for 901 million Yuan, which is about RM435 million or 100 million Euro. The two Chinese companies are Zhejiang Youngman Lotus Automobile and Pang Da Automobile.
The deal comes after long negotiations, which included a previous offer from Youngman and Pang Da to buy 53.9% percent of Saab for 2.2 billion Yuan. It looks like the Chinese companies got a better deal now than the previous one. Earlier in the week Swedish Automobile had said it was terminating the investment deal with both companies, so it looks like all that talk has ended up with a very different walk.
The Memorandum of Understanding for the purchase will be valid until November 15 this year, and in the meantime the sale has to get approval from Chinese regulators, the Swedish government, the European Investment Bank and General Motors, Saab’s former owner.
This is not the first Swedish automaker to end up in Chinese ownership – Volvo is now owned by Chinese company Geely.
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welcome to the year of dragon…
Gile ar…
hooray, rebadged Saab as Proton soon…
You know what the image of SAAB compared to PROTON? It is like compare a worldwide luxury brand with all the safety features vis-a-vis with one that is in the category of a low and mid end product survival of which is as a result of terrible high Malaysia tariff.
Proton don’t even wanted by china car automation
Chinese rules . facta ! Take it .
now it seem that everything will be made from China
nasib baik wa x minat sama volvo/saab brand..
Ini macam lu memang tiada taste untuk luxury bah……
volvo & saab is a joke..its not about safety & luxury taste..its bout volvo driving soccer mom! better get Wak Segan a.k.a Volkswagen das auto!!
Smart business decision. Good for both countries and their ppl.
IKEA will follow after this..
many IKEA products are made in China
Congratulation to China Automaker for Conquering another Saab 1 of the Swedish marques after Volvo. Bright future and rapid growth in China as 1 of the world super major power key player of coming future!
It seems rather ironic that a car whose main selling point is safety (Volvo) now is owned by a company from the country of possibly the worse safety record (melamine milk, lead paint, etc)
Quality issues is a pain in the butt for any nations, even for the developed ones, anyways what does Volvo get to do with milk?
I thought there are two Volvo companies…
… one is Volvo Cars (Zhejiang Geely)
… and the other one is Volvo Group …. which still produce Volvo trucks, busses etc… and even own UD and Renault trucks (?)
Yes correct. Volvo trucks is doing very well. There’s also Volvo marine, Volvo aerospace, etc
Similarly there are several Saab companies including the one that makes the military planes
Money talk louder than safety :p
how did they get a way cheaper offer? saab should’ve accepted earlier.
I think it is better if Saab is under Swedish company than China..
who cares? in 2010 Saab only manage to sold 35000 vehicle globally. It built great car but sold lesser than Proton/Perodua by more than 4-fold!
Even Spyker now almost went bankrupt after take over Saab not even 2 years. It either Saab been rescue now by China or totally ceased operation like MG Rover.
While China have bloody huge market and typical Chinaman bussiness model could help it more successful. Let’s hope so…
china very active this few years, see how long it can tahan, it doesnt convince me to buy their things.. for me they only wan to conquer the world..
because you’re not so smart, even your japan/korea branded item are now made in China
They dont even ever try to convince you for once, and actually you may have used the products made by the Chinese everyday, check your PC/laptop parts if possible.
Seriously, their domestic market is huge, and huge enough for them to take or retake back from other top foreign multinationals, and meantime seemingly they have a global vision far beyond Malaysia, click on this to get it.
http://paultan.org/2011/10/18/chery-hits-export-targets-early-brazil-is-biggest-market/
Now China is the most rich country in the world. nobody can fight anymore. USA,Europe Japan all gone….Other will be bankrupt before earth exploded
how they came into decision to let go at much lower price?
does this includes debt sale?
Have you heard about 1 Euro sales?
have you read the earlier post?
Wah.. considering when Proton bought MV Agusta Spa for 70m euro.. this is a bargain.