Saab Owner in Talks to Attract Investment in Carmaker from Chinese Bank
Stock Chart for Pang Da Automobile Trade Co Ltd (601258)
The talks also involve China’s Zhejiang Youngman Lotus Automobile Co. to enable Saab to pay November wages and continue its reorganization, Swedish Automobile said in a statement today. The outcome of the negotiations is uncertain and an agreement would be subject to approval by stakeholders, it said.
The statement followed a Reuters report today that said Youngman and Saab’s owner agreed that Bank of China Ltd. (3988) would join as part-owner of the carmaker. The report was subsequently corrected to say a Chinese bank would replace Pang Da Automobile Trade Co. as an investor and own just under 50 percent of the carmaker together with Youngman.
Pang Caiping, who heads Youngman’s negotiations team for Saab, said today the company hasn’t held talks with Bank of China. Wang Ying, company secretary at Pang Da, said the company was seeking to contact Saab for clarification. A Bank of China press official, who declined to be named citing company policy, had no comment on the report.
To contact Bloomberg News staff for this story: Tian Ying in Beijing at firstname.lastname@example.org