Swedish car maker Saab has agreed to form a strategic partnership with Chinese company Hawtai Motor, Dutch owner Spyker confirmed on Tuesday.
Hawtai is to put some €150m into Saab – €120m in the form of share capital (29.9%) and the rest in a convertible bond. The two companies will also work together in both production and technological developments.
The deal is still subject to approval from certain Chinese government agencies, the European Investment Bank and the Swedish National Debt Office.
Cash-strapped Saab, bought by Spyker last year, has halted production for several weeks.
On Monday Spyker said it had agreed a €30m loan from the Gemini Investment Fund and €29.1m from the EIB.
Russian businessman Vladimir Antonov is also poised to become a shareholder in Spyker again, pending approval from European Investment Bank.
He was forced out of the company during the takeover of Saab after reports he was involved in money laundering.
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