Dutch car maker Spyker finds new Chinese partner for ailing Saab

Dutch car maker Spyker has signed a deal with China’s Pang Da Automobile for the distribution of Saab vehicles and the setting up of a joint production venture, Spyker said in a statement on Monday.

The deal comes just a week after Spyker said another deal to rescue Saab involving Chinese car maker Hawtai had fallen through.
The memorandum of understanding ‘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 joint venture-owned brand in China’, the statement said.
Pang Da will also take an equity stake of 24% in Spyker at a cost of €65m and will have the right to nominate a board member, the statement said.


As part of the distribution deal, Pang Da will make an upfront €30m payment to buy Saab vehicles and ‘is expected’ to make a further €15m available to buy more within 30 days ‘subject to certain circumstances’.
Spyker says Pang Da is ‘China’s largest publicly traded automobile distributor with over 1,100 dealerships nationwide.’
The Hawtai deal, which would have given that company almost 30% of Spyker, fell through after the Chinese authorities refused to approve it. This deal is also subject to official approval.
Spyker bought Saab last year but production has been halted for weeks because of financial problems.

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