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Saab rescue deal collapses


Saab rescue deal collapses


Saab faced further uncertainty after the collapse of a deal with China’s Hawtai Motors as it could not get the Bejing government’s approval.

The Swedish carmaker’s owner Spyker, which needs cash to resume production, is now chasing alternatives.

Spyker said it is continuing talks with Hawtai and others. Another Chinese company,Great Wall Motor, was also talking to the Dutch company about a possible tie-up according to a Reuters report quoting a source.

Chinese companies are subject to strict policies on foreign acquisitions and many have fallen foul of China’s bureaucracy, though it has moved to streamline approvals.

Russian businessman Vladimir Antonov, a former Spyker shareholder, is said to be still interested in investing.

Spyker chief executive Victor Muller declined to comment on the failure of the Hawtai deal, the firm’s current financial position or talks with other parties.

Loss-making Saab has veered towards collapse in recent weeks after running out of cash to pay its bills. Several suppliers stopped delivering parts, halting production at Saab’s Trollhatten plant for most of last month.

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