Saab Sold to China's Pand Da, Youngman for $142M
Just days after announcing that he had rebuffed a full takeover of Saab by Chinese investors Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co., company CEO Victor Muller has proven that he can change his tune, in a hurry. Swedish Automobile N.V. has announced the signing of a memorandum of understanding with both Pand Da and Youngman to sell the Swedish automaker to the two Chinese companies, in its entirety.
The deal announced is for the total sale of Saab for the sum of $100 million Euros, or roughly $142 million and is contingent upon Pang Da and Youngman funding the automaker.
The memorandum of understanding is not a finished deal, but it will stand until November 15, by which point the final transaction is expected to be completed. Knowing Saab’s tumultuous history, however, this roller coaster of a business story is likely far from over.
This move represents the latest push by the Chinese to break into the global automotive market. In July of 2010, the Chinese government approved a deal that saw the sale of Volvo (the other Swedish automaker) to Geely for the sum of $1.8 billion.
With AutoGuide from its launch, Colum previously acted as Editor-in-Chief of Modified Luxury & Exotics magazine where he became a certifiable car snob driving supercars like the Koenigsegg CCX and racing down the autobahn in anything over 500 hp. He has won numerous automotive journalism awards including the Best Video Journalism Award in 2014 and 2015 from the Automotive Journalists Association of Canada (AJAC). Colum founded Geared Content Studios, VerticalScope's in-house branded content division and works to find ways to integrate brands organically into content.
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I still prefer JDM over CDM