Saab’s financial troubles would make for one action-packed movie. After Spyker Cars (who owns the Swedish automaker) struck a deal that finally ended up falling through last week, we learned this morning that Pangda, a Chinese manufacturer, stepped up to the plate with a 110 million euro investment.
The president and CEO of Spyker Cars, Victor Muller, said that Pangda effectively acquired a 24% stake in the company, supplying roughly 65 million euros based on current share value. The two-step transaction will also include a 45 million euro investment.
The contract still needs to be approved by government agencies, which had dismissed the Spyker-Hawtai venture. However, Muller believes that this one has a much better chance of getting the go-ahead from a legal standpoint, as Pangda is a distributor and not an automaker.
If all goes well, Saab will “secure its medium-term funding,” says Muller.
The European stock markets reacted favourably to the news when they opened this morning, and Spyker Cars shares jumped by 18.3%
Source : Reuters
The president and CEO of Spyker Cars, Victor Muller, said that Pangda effectively acquired a 24% stake in the company, supplying roughly 65 million euros based on current share value. The two-step transaction will also include a 45 million euro investment.
The contract still needs to be approved by government agencies, which had dismissed the Spyker-Hawtai venture. However, Muller believes that this one has a much better chance of getting the go-ahead from a legal standpoint, as Pangda is a distributor and not an automaker.
If all goes well, Saab will “secure its medium-term funding,” says Muller.
The European stock markets reacted favourably to the news when they opened this morning, and Spyker Cars shares jumped by 18.3%
Source : Reuters