Earlier today -- which you'll remember as the day set for a Swedish judge to determine the fate of Saab and its voluntary reorganization and creditor protection -- Saab's parent company Swedish Automobile N.V. (Swan) entered into a memorandum of understanding with Youngman and Pang Da for the Chinese firms to purchase 100% of the shares of Saab Automoile and Saab Great Britain Ltd for $141 million.
The $141,000,000 offer is a significant drop from the original deal inked by Pang Da, Youngman and Saab. Back in June the two Chinese firms were set to take a 53 percent stake of saab for $350 million. That would put Saab's value in June somewhere around $660 million..
The deal must still meet with the approval of all major authorities and the administrator of Saab's reorganization, Mr. Guy Lofalk, has officially withdrawn the application for termination. The current 100 million Euro / 100 % of the shares deal is good until November 15 so long as Saab is still in bankruptcy protection.
It's a good sign, but there's still half a month left for things to go wrong.
mrryte says:
09:01 AM, 10/28/11
Well; let's see how long this good news lasts. Somehow I get the feeling that this is merely delaying the inevitable (hope I'm wrong though......)
altimadude05 says:
09:19 AM, 10/28/11
Sounds like the Swan song for this Saab story.
greenpony says:
10:09 AM, 10/28/11
Somebody somewhere in the first world should be able to beat that offer. I have to think, at that price, they're either going to dismantle the company or back out because it's a joke.
55cadillacking says:
10:43 AM, 10/28/11
If the deal goes through, they should just start reproducing the 900 Turbo from the 80's en masse! That's the last time I even remember being somewhat interested in Saabs.
pc123456 says:
10:04 AM, 11/ 1/11
Ouch. Seriously lowball offer there.