Sweden’s National Debt Office (SNDO) is now examining an application from Chinese vehicle distributor Pang Da to take up to a 24% stake in Saab Automobile.
The development follows yesterday’s (23 May) news Pang Da had entered ‘procedure discussions’ with Chinese authorities, including the National Development and Reform Commission, to obtain regulatory approval to invest in Saab.
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Pang Da has already paid Saab EUR30m (US$42m) to produce 1,300 cars later this year but any change in ownership status has to go before a raft of institutions including the SNDO, the European Investment Bank (EIB), the Swedish government and former owner General Motors.
“We are trying to file the application as quickly as we can, but I don’t have…the date, this week or next week,” an SNDO spokeswoman in Stockholm told just-auto.
“It is the same as before [with Russian businessman Vladimir Antonov] that the EIB, SNDO, the government and GM have to approve Pang Da as owners. We have done our part and right now we are working on the application.”
Saab has indicated it could start production at its Trollhattan factory as early as this Friday (27 May) although discussions with suppliers appear to be ongoing.
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By GlobalDataA Saab spokeswoman confirmed to just-auto Pang Da was looking at a slightly lower stake than previous suitors Hawtai.
“Pang Da [is aiming to] take an equity participation in Spyker representing up to 24%,” she said.
