Swedish Automobile to sell Saab to China’s Pang Da and Youngman

I honestly don’t want to hear about Saab’s survival issues anymore but there are some of you out there that still may care – so we’re bringing you this latest update.

But first – a recap of recent headlines:

Well, after saying that a takeover offer from Pang Da and Youngman is “unacceptable,” it seems Swedish Automobile has changed its mind. The company announced today thatΒ it has entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million ($141 million USD).

“Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties,” Saab said. “The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.”

The MOU is valid until Nov. 15.

– By: Omar Rana