Saab signs agreement with Pang Da Automobile Trade Co. Ltd
18 May 2011|2,444 views
The deal was announced by Saab’s parent company Spyker Cars, and it was the second time in a month that the Swedish carmaker has announced an agreement with a Chinese partner to provide funds. Spyker has signed a tentative Memorandum of Understanding (MoU) finance and import deal with Pang Da Automobile Trade Co., Ltd, which is said to be China’s largest publicly traded automobile distributor with over 1100 dealerships in the country.The deal includes a strategic alliance consisting of a 50/50 distribution joint venture and a manufacturing joint venture for Saab branded vehicles as well as for a jointly-owned brand in China, in which Saab will have a 50 per cent stake and Pang Da, along with another yet-to-be-announced manufacturing partner, holding the remaining shares.
If the deal follows through, Pang Da would pay €30 million or about US$43 million for the purchase of an unspecified number of Saab vehicles and another €15 million or US$21.5 million for another batch of cars “within 30 days subject to certain circumstances.”
Pang Da would also buy a 24 per cent stake in Saab’s parent company Spyker for a total amount of €65 million or US$93 million, and would have right to nominate a member of the Supervisory Board of Spyker and/or the Board of Saab Automobile. The injection of cash would help Saab resume production at its factory in Trollhatten in Sweden, which has been idle since the start of April.
"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,” said Victor Muller, CEO of Spyker and Saab Automobile.
Mr Pang Qinghua, CEO of Pang Da, said that his company is looking forward to the collaboration with Saab. “This partnership allows us not only to distribute Saab, the iconic European premium brand, in China but also to set up a manufacturing joint venture which will further enhance the competitive position of the Saab brand in China,” said Pang.
Source: Saab
The deal was announced by Saab’s parent company Spyker Cars, and it was the second time in a month that the Swedish carmaker has announced an agreement with a Chinese partner to provide funds. Spyker has signed a tentative Memorandum of Understanding (MoU) finance and import deal with Pang Da Automobile Trade Co., Ltd, which is said to be China’s largest publicly traded automobile distributor with over 1100 dealerships in the country.
The deal includes a strategic alliance consisting of a 50/50 distribution joint venture and a manufacturing joint venture for Saab branded vehicles as well as for a jointly-owned brand in China, in which Saab will have a 50 per cent stake and Pang Da, along with another yet-to-be-announced manufacturing partner, holding the remaining shares.
If the deal follows through, Pang Da would pay €30 million or about US$43 million for the purchase of an unspecified number of Saab vehicles and another €15 million or US$21.5 million for another batch of cars “within 30 days subject to certain circumstances.”
Pang Da would also buy a 24 per cent stake in Saab’s parent company Spyker for a total amount of €65 million or US$93 million, and would have right to nominate a member of the Supervisory Board of Spyker and/or the Board of Saab Automobile. The injection of cash would help Saab resume production at its factory in Trollhatten in Sweden, which has been idle since the start of April.
"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,” said Victor Muller, CEO of Spyker and Saab Automobile.
Mr Pang Qinghua, CEO of Pang Da, said that his company is looking forward to the collaboration with Saab. “This partnership allows us not only to distribute Saab, the iconic European premium brand, in China but also to set up a manufacturing joint venture which will further enhance the competitive position of the Saab brand in China,” said Pang.
Source: Saab
The deal includes a strategic alliance consisting of a 50/50 distribution joint venture and a manufacturing joint venture for Saab branded vehicles as well as for a jointly-owned brand in China, in which Saab will have a 50 per cent stake and Pang Da, along with another yet-to-be-announced manufacturing partner, holding the remaining shares.
If the deal follows through, Pang Da would pay €30 million or about US$43 million for the purchase of an unspecified number of Saab vehicles and another €15 million or US$21.5 million for another batch of cars “within 30 days subject to certain circumstances.”
Pang Da would also buy a 24 per cent stake in Saab’s parent company Spyker for a total amount of €65 million or US$93 million, and would have right to nominate a member of the Supervisory Board of Spyker and/or the Board of Saab Automobile. The injection of cash would help Saab resume production at its factory in Trollhatten in Sweden, which has been idle since the start of April.
"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,” said Victor Muller, CEO of Spyker and Saab Automobile.
Mr Pang Qinghua, CEO of Pang Da, said that his company is looking forward to the collaboration with Saab. “This partnership allows us not only to distribute Saab, the iconic European premium brand, in China but also to set up a manufacturing joint venture which will further enhance the competitive position of the Saab brand in China,” said Pang.
Source: Saab
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