Fire Sale: Saab Purchased by Chinese for €100M

The Detroit Bureau - October 27, 2011

On the verge of col­lapse, Saab has agreed to be sold to two Chi­nese com­pa­nies for €100 mil­lion ($141 mil­lion), far low­er than the orig­i­nal­ly nego­ti­at­ed price of €249 mil­lion ($352 mil­lion). In the new deal, which must still be approved by Chi­nese reg­u­la­tors, Saab will be run by a con­sor­tium formed by Pang Da, China’s biggest auto­mo­tive retail­er, and Zhe­jiang Young­man Lotus, an aspir­ing Chi­nese automak­er.