Thursday 20 January 2022

Swedish Automobile tears up Chinese contracts

Dutch car maker Swedish Automobile, parent of the financially troubled Saab group, has torn up contracts with two Chinese firms who had been hoping to buy a stake in the Swedish firm.

In a statement, Swedish Automobile said Youngman and Pang Da had not confirmed they could meet their commitments.
During the summer, the two firms agreed to invest €245m in Saab, in return for a stake of almost 54%.
The decision means the future of Saab is once again in doubt. The company is under court protection from creditors but the curator has applied to have this lifted.
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