Pursuits
Pangda Buys Spyker Stake as Chinese Target Foreign Car Brands
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China car dealer Pangda Automobile Trade Co. agreed to buy a 24 percent stake in Spyker Cars NV, owner of cash-strapped Saab Automobile, the latest in a line of Chinese companies looking to acquire European auto brands.
Pangda, which sells 20 car brands including vehicles from Toyota Motor Corp. and Volkswagen AG’s Audi division, agreed to pay 65 million euros ($92 million) for its stake in Spyker, the Zeewolde, Netherlands-based manufacturer said in a statement yesterday.