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Friday, October 28, 2011

China's Pang Da and Youngman Agree to Buy Saab for €100 million and Save it from Bankruptcy


Saab's parent company Swedish Automobile N.V. [Swan] said on Friday that it has agreed to sell the company to China's Pang Da and Youngman.

If the deal goes through, the Chinese will own Sweden’s car industry bar Koenigsegg as Volvo was sold to Geely in 2009 – admittedly at the much higher price of US$2 billion dollars than the €100 million (US$141.7 million) Pang Da and Youngman are willing to pay for acquiring 100% of Saab Automobile and Saab GB shares.

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