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Spyker finds new Chinese rescuer for Saab

Spyker finds new Chinese rescuer for Saab
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Saab appears to have avoided collapse with a rescue deal involving China’s largest listed car distributor.

Saab’s Dutch owner Spyker is to get as much as 110 million euros from China’s Pangda Automobile Trade Company.

There will be an immediate payment of 30 million euros for Saab cars to be exported to China and sold there, allowing the Swedish firm to repay suppliers and restart production soon.

Its Trollhatten plant has been idle for about six weeks. Parts suppliers stopped deliveries until they were paid.

Pangda, which is flush with cash from an initial public offering of shares last month, will also take a 24 percent equity stake in Spyker for a total of 65 million euros.

Spyker said the fact Pangda is a distributor, not a manufacturer, meant it would not need approvals to buy Saab cars for sale in China.

Other transactions will however require consents from certain Chinese government agencies, the European Investment Bank, GM and the Swedish National Debt Office.

A lack of Chinese government approval scuppered a deal between Spyker and Hawtai Motor Group last week. Beijing has to sign off on all acquisitions or overseas investments by Chinese firms.