Saab announces pact to sell 50 percent stake to Chinese firms
Trollhattan, Sweden (AHN) – Spyker Cars, the Dutch owner of Saab, announced on Monday investments that will help it resume production and allow two Chinese firms to own more than 50 percent of the company.
Pang Da Automobile and Zhejiang Youngman Lotus have agreed to invest a total of 245 million euros ($352 million) in Spyker under an agreement that includes distribution and manufacturing joint ventures in China.
The agreement increases the investment of Pang Da to 109 million euros from 65 million euros while keeping the firm’s equity stake in Spyker at 24 percent. The firm, which is China´s largest publicly traded car distributor, said last month it would buy shares of Spyker for 4.19 euros each, at the time the weighted average of shares.
The new agreement retains the share price and gives Pang Da the right to nominate two members of the supervisory board of Spyker.
Youngman, which makes trucks for German-based MAN and cars and spare parts for British-based Lotus, will acquire a 29.9 percent stake of Spyker for 136 million euros. It will likewise nominate two members of Spyker’s board.
The Chinese manufacturer will hold 45 percent of the manufacturing joint venture with Saab and Pang Da, which will have a 45 percent and 10 percent interest, respectively.
Youngman will own 33 percent of the distribution joint venture in China, while Saab will hold 33 percent and Pang Da will have 34 percent.
The agreement with the two firms “shows the belief of Pang Da and Youngman in our products for the Chinese market,” Victor Muller, chief executive of Saab and Spyker, said in a statement.
“It also is a step that significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile,” Muller added.
Spyker revealed the agreement less than a week after it again suspended production at its Saab factory in Trollhattan.
A seven-week production halt began in April due to unpaid bills from suppliers. Work at the plant resumed after Pang Da paid 30 million euros to buy Saab vehicles as part of its initial agreement with Spyker.
Last week, however, Victor Mueller, chief executive of Saab and Spyker, said that although agreements with most suppliers had been reached, there remained a lack of parts from a few remaining suppliers as well as those that were taking some time to re-stock because they are located outside Europe.
Spyker currently has nearly 10,000 orders, including those for the Saab 9-4x, which is being made in Mexico.
The company has been facing liquidity issues and is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.
Spyker rescued Saab from phase-out last year when it bought the iconic brand, originally a unit of Swedish aircraft maker Saab, from General Motors, which was to end production of several brands under a U.S. government bailout plan.
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