Car Deals

Trollhattan, Sweden (AHN) – Saab has found another Chinese firm to help it resume production less than a week after the automaker’s agreement with Hawtai collapsed.

Pang Da Group, China´s largest publicly traded automobile distributor, has agreed to buy a 24 percent equity stake in Spyker, the Dutch owner of Saab.

The company will invest 65 million euros ($91.8 million) at 4.19 euros a share, which is the the weighted average of Spyker shares in the past 10 trading days.

Under the agreement with Spyker, the company will enter into a 50/50 joint venture for the distribution of Saab vehicles in China.

Pang Da, which distributes brands including Audi, Acura, Mercedes Benz, Mitsubishi and Volvo, has also paid 30 million euros to purchase Saab vehicles. It will buy an additional 15 million euros worth of cars in 30 days if certain requirements are met.

Spyker said it aims to restart production immediately at the Saab plant in Sweden using the initial payment of 30 million euros. The automaker, which bought Saab from General Motors last year, said it will work with suppliers to minimize any impact of the production halt to customers and dealers.

“Both parties are confident that this partnership allows Saab Automobile and Pang Da to create a strong business, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China,” Spyker chief executive Victor Muller said in a statement.

Pang Da’s chief executive, Pang Quinghua, said, “We very much look forward to collaborating with Saab’s management to successfully enter our promising home market.”

Spyker last week announced the collapse of an agreement with Beijing-based Hawtai that would have resumed assembly lines. Production was suspended last month after suppliers stopped deliveries due to unpaid bills.

Hawtai was planning to invest 120 million euros for a 30 percent equity stake in Spyker. It also sought to provide 30 million euros under a convertible loan agreement with an annual interest rate of 7 percent and a six-month maturity.

Spyker said last week it was continuing discussions with Hawtai on a non-exclusive partnership in the areas of manufacturing, technology and distribution in China

The automaker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

Russian banker Vladimir Antonov, a former Spyker chairman who acquired the automaker’s luxury brand unit in February, is said to have asked Swedish authorities for approval to buy Saab real estate in Trollhattan.

Spyker has also entered into a 30 million euro convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It is continuing discussions with the European Investment Bank on a 29.1 million euro drawdown request.

View full post on Economy, Business And Finance Stories

Trollhattan, Sweden (AHN) – Saab has found another Chinese firm to help it resume production less than a week after the automaker’s agreement with Hawtai collapsed.

Pang Da Group, China´s largest publicly traded automobile distributor, has agreed to buy a 24 percent equity stake in Spyker, the Dutch owner of Saab.

The company will invest 65 million euros ($91.8 million) at 4.19 euros a share, which is the the weighted average of Spyker shares in the past 10 trading days.

Under the agreement with Spyker, the company will enter into a 50/50 joint venture for the distribution of Saab vehicles in China.

Pang Da, which distributes brands including Audi, Acura, Mercedes Benz, Mitsubishi and Volvo, has also paid 30 million euros to purchase Saab vehicles. It will buy an additional 15 million euros worth of cars in 30 days if certain requirements are met.

Spyker said it aims to restart production immediately at the Saab plant in Sweden using the initial payment of 30 million euros. The automaker, which bought Saab from General Motors last year, said it will work with suppliers to minimize any impact of the production halt to customers and dealers.

“Both parties are confident that this partnership allows Saab Automobile and Pang Da to create a strong business, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China,” Spyker chief executive Victor Muller said in a statement.

Pang Da’s chief executive, Pang Quinghua, said, “We very much look forward to collaborating with Saab’s management to successfully enter our promising home market.”

Spyker last week announced the collapse of an agreement with Beijing-based Hawtai that would have resumed assembly lines. Production was suspended last month after suppliers stopped deliveries due to unpaid bills.

Hawtai was planning to invest 120 million euros for a 30 percent equity stake in Spyker. It also sought to provide 30 million euros under a convertible loan agreement with an annual interest rate of 7 percent and a six-month maturity.

Spyker said last week it was continuing discussions with Hawtai on a non-exclusive partnership in the areas of manufacturing, technology and distribution in China

The automaker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

Russian banker Vladimir Antonov, a former Spyker chairman who acquired the automaker’s luxury brand unit in February, is said to have asked Swedish authorities for approval to buy Saab real estate in Trollhattan.

Spyker has also entered into a 30 million euro convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It is continuing discussions with the European Investment Bank on a 29.1 million euro drawdown request.

View full post on Economy, Business And Finance Stories

Trollhattan, Sweden (AHN) – Saab has found another Chinese firm to help it resume production less than a week after the automaker’s agreement with Hawtai collapsed.

Pang Da Group, China´s largest publicly traded automobile distributor, has agreed to buy a 24 percent equity stake in Spyker, the Dutch owner of Saab.

The company will invest 65 million euros ($91.8 million) at 4.19 euros a share, which is the the weighted average of Spyker shares in the past 10 trading days.

Under the agreement with Spyker, the company will enter into a 50/50 joint venture for the distribution of Saab vehicles in China.

Pang Da, which distributes brands including Audi, Acura, Mercedes Benz, Mitsubishi and Volvo, has also paid 30 million euros to purchase Saab vehicles. It will buy an additional 15 million euros worth of cars in 30 days if certain requirements are met.

Spyker said it aims to restart production immediately at the Saab plant in Sweden using the initial payment of 30 million euros. The automaker, which bought Saab from General Motors last year, said it will work with suppliers to minimize any impact of the production halt to customers and dealers.

“Both parties are confident that this partnership allows Saab Automobile and Pang Da to create a strong business, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China,” Spyker chief executive Victor Muller said in a statement.

Pang Da’s chief executive, Pang Quinghua, said, “We very much look forward to collaborating with Saab’s management to successfully enter our promising home market.”

Spyker last week announced the collapse of an agreement with Beijing-based Hawtai that would have resumed assembly lines. Production was suspended last month after suppliers stopped deliveries due to unpaid bills.

Hawtai was planning to invest 120 million euros for a 30 percent equity stake in Spyker. It also sought to provide 30 million euros under a convertible loan agreement with an annual interest rate of 7 percent and a six-month maturity.

Spyker said last week it was continuing discussions with Hawtai on a non-exclusive partnership in the areas of manufacturing, technology and distribution in China

The automaker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

Russian banker Vladimir Antonov, a former Spyker chairman who acquired the automaker’s luxury brand unit in February, is said to have asked Swedish authorities for approval to buy Saab real estate in Trollhattan.

Spyker has also entered into a 30 million euro convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It is continuing discussions with the European Investment Bank on a 29.1 million euro drawdown request.

View full post on Economy, Business And Finance Stories