Swedish Automobile (SWAN) shareholders are holding an extraordinary general meeting in Holland today (11 November) to discuss the latest developments in Saab’s three-way crisis talks between the automaker, Youngman and Pang Da.
Originally, the meeting was called to discuss changes to the board following the initial agreement for the Chinese investors to take over 100% of Saab as Swan now owns 99% of Saab with Spyker the remaining 1%.
However, General Motors’ decision not to allow existing technology licences should the Chinese assume total control, has apparently prompted a change of schedule at the Dutch EGM in Zeewolde, east of Amsterdam.
“It is a closed meeting,” a Saab spokeswoman in Sweden confirmed to just-auto. “The original reason was to vote on changes on the board structure that would hang together with a planned sale to Pang Da and Youngman according to the initial proposal.
“They then changed the proposal to the 100% sale to the Chinese and decided to keep the meeting anyway. Then GM said it would not go along with that, so it is even more unclear if there is really something to vote upon.”
The spokeswoman maintained discussions between the Swedes and Chinese were “very much on-going,” in a bid to salvage a deal, but a deadline of 15 November is fast approaching when Youngman and Pang Da’s memorandum of understanding runs out.
It is not thought the parties are meeting face to face – although some reports suggest the Chinese are mulling a visit to Detroit – while Saab CEO Victor Muller’s whereabouts – either at his home on the island of Majorca or attending the meeting in Holland today – are unclear.