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Chinese firms snap up Sweden's Saab


Chinese firms snap up Sweden's Saab


A deal appears to have been struck for the Chinese firms Pang Da and Youngman to buy 100 per cent of the shares in the struggling carmaker Saab.

Lawyers who have been working on a bankruptcy protection process for Saab say a memorandum of understanding has been signed between the parties.

The deal, still to be approved by the authorities and shareholders, is worth 100 million euros.

One condition is that the Chinese firms must commit themselves to providing long-term funding to Saab Automobile.

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