Great Wall, Spyker, In Talks Regarding Saab

Great Wall, Spyker, In Talks Regarding Saab

With the apparent collapse of the deal between Hawtai and Spyker, the Dutch parent company of Saab is now courting Chinese automaker Great Wall in an apparent bid to find a partner for the ailing Saab brand.

Hawtai was apparently unable to get the necessary approval to complete a transaction with Saab worth 150 million euros, in which Hawtai would get a stake in the Swedish luxury car maker. Saab would have used the cash to pay off suppliers and resume production at its Swedish plants.

Spyker released a short statement today, claiming “Spyker and Saab Automobile continue to work on securing short and medium term funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various (strategic) Chinese partners.”

A source close to the deal told Retuers that Saab and Great Wall had been in communication throughout the Hawtai deal, stating “the two sides have never stopped talking…”

[Source: Automotive News]