Showing posts with label Pang. Show all posts
Showing posts with label Pang. Show all posts

Tuesday, December 6, 2011

GM Says No to Saab's Latest Ownership Plan



A day without Saab announcement is a day thrown away. On Friday, Saab's operator, Swan NV, said that after GM’s denial of the Pang Da and Youngman cope, it was preparing another strategy, concerning Youngman and a China financial institution.

Unfortunately for Saab, this newest strategy, which put Pang Da out of the photograph, just didn't create the cut with Common Engines either. On Wednesday, GM spokesperson Wayne Cain released the following statement: “We have researched Saab’s offered changes regarding the purchase of the organization. Nothing in the offer changes GM’s location. We cannot assistance the purchase.”

The manager managing Saab’s rebuild requested Common Engines, which is still a case of preferential stocks in Saab and operator of much of its technological innovation, to carry on the certification contract after the purchase. However, the Detroit car maker said that its location would not modify.

According to Reuters, Remedial Vehicle CEO Winner Muller said in a word that "There is always Plan B”, though he dropped to offer more details.

Well, if it prevails, it will actually be Plan G or whatever by now – but who is counting?

 

Wednesday, October 12, 2011

Saab Responds To Media Reports, Says Pang Da Deal With Again




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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