Recent media reports of the parent company of the Swedish manufacturer Saab Automobile NV [Swan] made a brief statement saying that the investment agreement with China Car Pang Da is still on the table.
Pang Da Automobile signed a contract in July to buy 53.9% stake in Swan is € 245 million ($ 344.6 million), but Chinese regulators have not yet ratified the agreement.
"Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."
Wang Yin, secretary of Pang Da's board of directors, was quoted by the Wall Street Journal as saying: "The application has been submitted to relevant government departments and so far everything is going well."
The Pang Da secretary also said that contrary to reports, Saab's bankruptcy protection has not affected the deal.
"That must be misunderstanding," Wang said. "We haven't and don't have plan to revise the deal."
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