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Youngman to make new Saab bid
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Thursday, January 19, 2012
Chinese automotive group Youngman is on the verge of make a bid for Saab, according to news reports in Sweden.
Dagens Industri, a Swedish business news organisation, says Youngman is preparing to submit an offer of about £430 million for the bankrupt car firm.
Youngman's top brass – including chairman Pang Qingnian – are due to travel to Sweden next week to present the bid, which involves a further £400m being invested to develop new models on the Phoenix platform.
General Motors, which had technical licensing agreements with Saab, has threatened to cancel those agreements if the car company was taken over by Chinese interests.
Such a move would impact on Saab's current model range, but Youngman believes it can make Saab work without GM's involvement.
If the bid is successful, Youngman intends to commence production of the 9-3 model in about April or May.
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Youngman to make new Saab bid
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