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Dec. 5 (Bloomberg) -- Swedish Automobile NV, the owner of Saab Automobile, said it’s in talks to sell a stake to an unidentified Chinese Bank to keep the carmaker in business.
The talks also involve China’s Zhejiang Youngman Lotus Automobile Co. to enable Saab to pay November wages and continue its reorganization, Swedish Automobile said in a statement today. The outcome of the negotiations is uncertain and an agreement would be subject to approval by stakeholders, it said.
The statement followed a Reuters report today that said Youngman and Saab’s owner agreed that Bank of China Ltd. would join as part-owner of the carmaker. The report was subsequently corrected to say a Chinese bank would replace Pang Da Automobile Trade Co. as an investor and own just under 50 percent of the carmaker together with Youngman.
Pang Caiping, who heads Youngman’s negotiations team for Saab, said today the company hasn’t held talks with Bank of China. Wang Ying, company secretary at Pang Da, said the company was seeking to contact Saab for clarification. A Bank of China press official, who declined to be named citing company policy, had no comment on the report.
--Tian Ying, with assistance from Liza Lin in Shanghai and Stephanie Tong in Hong Kong. Editors: Young-Sam Cho, Terje Langeland
To contact Bloomberg News staff for this story: Tian Ying in Beijing at firstname.lastname@example.org
-0- Dec/05/2011 18:59 GMT
To contact the editors responsible for this story: Young-Sam Cho at email@example.com; Chitra Somayaji at firstname.lastname@example.org