Saab says there will be no formal announcement if the memorandum of understanding (MoU) between itself, Youngman and Pang Da is extended beyond today (15 November) as talks continue to find a way convince former owner General Motors of a new control structure.
Today marks the end of the MoU originally inked between the three parties, but GM’s insistence it would not allow licensing agreements, based on the Chinese acquiring 100% of Saab, forced all parties back to the negotiating table.
“The MoU deals with the percentage split of ownership, that is something that is at the heart of what is being discussed potentially,” a Saab spokeswoman told just-auto from Sweden. “So they are already re-discussing parts of the MoU.
“From what I understand, there is not going to be a formal, signed document or extension, they are simply continuing. It is these three parties – Youngman, Pang Da and Swedish Automobile and they are free to continue discussions based on agreement and trust in the room. There is nothing formal that is expected. “
Speculation has centred on whether or not the administrator, Guy Lofalk, appointed to run Saab in bankruptcy protection, could make an announcement today concerning the automaker but the automaker said it was not aware of any potential developments on that front.
Saab’s main blue collar union, IF Metall, told just-auto earlier today of its frustration at the automaker’s ‘silence’ concerning any news of Chinese investment, adding it was starting to focus more on its employees and what could be done at a regional and national level, were the manufacturer to go bankrupt.