Saab Automobile and Spyker signed a letter of intent with Pang Da Automobile
Saab resumed production of its cars
Saab: Three Chinese companies interested
Saab Automobile and Spyker signed a letter of intent with Pang Da Automobile on a partnership distribution and manufacturing to China with stake
Spyker Cars NV (Spyker) announces today that Spyker and Saab Automobile AB (Saab Automobile) have signed a letter of intent with Pang Da Automobile Trade Co., Ltd (Pang Da), the largest automotive distributor in China with nearly 1,100 dealers in the country. This letter of intent includes a strategic alliance for a distribution company has 50/50 joint venture manufacturing of Saab vehicles and the creation of a brand sister owned joint venture in China. Saab Automobile POSSESS up 50 percent in alliance with Pang Da and will be considered as manufacturing partner priority by the investor of the remaining shares.
Pang Da will pay a € 30 million for the purchase of Saab vehicles plus a supplement of € 15 million for the purchase of Saab vehicles within 30 days subject to certain conditions. In addition, Pang Da will take a stake in Spyker for a total amount of € 65 million was € 4.19 per share (weighted average of the last ten days of activity), representing 24% of Spyker on a fully diluted basis, and the right to appoint a member of the Supervisory Board of Spyker and / or the Board of Saab Automobile.
- Spyker, Saab Automobile and Pang Da have signed a letter of intent to form a joint venture in respect of the distribution and manufacturing for the Chinese market, subject to definitive transaction documents and certain regulatory approvals.
- Accordance with the letter of intent, Pang Da will to transfer € 30 million a Saab Automobile as payment for the purchase of Saab vehicles plus a supplementary 15 million within 30 days to purchase additional vehicles depending on certain circumstances .
- Pang Da will take a stake in Spyker for a total amount of € 65 million was € 4.19 per share, representing up to 24% of the outstanding share capital of Spyker fully diluted basis.
The MoU between Spyker, Saab Automobile and Pang Da contains the rules on which the parties will establish a joint venture 50/50 for the distribution of Saab brand vehicles in China.
€ The share subscription by Pang Da 65000000 allow secures medium term funding of Saab Automobile.
Some of the operations arising from the letter of intent are subject to the agreement on definitive transaction documents and certain conditions, and include consents from certain Chinese governmental agencies, the European Investment Bank, GM and Office Swedish national debt.
With the receipt of Pang Da initial payment of € 30 million, Saab Automobile to reach an agreement on the terms of payment and delivery with suppliers for a revival of production as possible aims. In order to improve the delays waiting customers and dealers on existing and future orders, Saab Automobile will work with its suppliers to minimize any impact of the judgment of the production.
Victor Muller, CEO of Saab Automobile and Spyker stated: "Both parties are confident about a partnership that allows a Saab Automobile and Pang Da to create a strong business, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China.
"Pang Da is a profitable, well-capitalized public company that, as the largest automobile distributor in China, sees enormous potential for our brand in their domestic work. We will work hard to finalize agreements and establish Saab in this market automobile whose growth is highest in the world. The fact that Pang Da taking a substantial stake in Spyker underlines their confidence in our plans for the future and China in particular. "
Mr. PANG Qinghua, CEO of Pang Da, said: "This partnership allows us not only to distribute Saab, the iconic European premium brand in China, but also to create a manufacturing joint venture will strengthen the competitive position of the Saab brand in China.
"With the new products Saab has launched since it became an independent car manufacturer at the beginning of the last year, as the Saab 9-5 and Saab 9-4X which were widely acclaimed, and the successor to come the current Saab 9-3, we believe that the time is perfect for Saab to enter the Chinese market. Our size, combined with our financial strength and competence in addition to our ability to act quickly will be crucial for the success of Saab in China.
"After becoming a public company three weeks ago, we are delighted to have the opportunity to become a major shareholder in Spyker, Saab home mother. We are very excited to work with the management of Saab to successfully penetrate our very promising domestic work. "
