Chinese Youngman has lodge its bid for Saab

Tuesday, 10 April 2012
The Chinese company, Youngman, who persistently tried to get buy Saab automobile has, according to an informed source given its final offer for a bid for the bankrupt company before the deadline expired at 17 hours on Tuesday.

However, it was not disclosed how high the bid was, according to Swedish business daily, Dagens industri.

Youngman is still keen to start car production in Trollhättan that do not require General Motor’s blessing.

The Chinese vehicle manufacturer was involved in the rescue plans for Saab last year and paid in several instalments in cash. But when GM indicated that it would not transfer any licenses for the new car models to Saab’s new partners, Youngman pulled out and Saab went into bankruptcy in December.

Since then, Young's leadership has been in Sweden several times to prepare for a business plan whereby GM will no longer be required. According to unconfirmed information, according to Dagens Industri, a first bid of around Skr2 billion was lodged, which was assessed as low.

Competition for Saab's bankruptcy is reported to have intensified recently. Indian Mahindra as well as a collaboration between BAIC and Panasonic are among those identified as interested in the company.

This could raise the bid but with reports that Saab had more debts than previously, it is just a matter of wait and see for the final report coming out soon
By Scancomark.se Team

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