Chinese distributor Pang Da’s application to take a 24% stake in Saab has met with approval from potential investor Vladimir Antonov, who has been kept “fully informed” of developments.
“We have not been involved with the talks with Pang Da, but Vladimir Antonov has been fully informed,” Antonov’s holding company director Lars Carlstrom told just-auto.
Go deeper with GlobalData
“It [Pang Da] is definitely a good partner for Saab – it will be very important for Saab’s future in China of course. I have no doubt this will work, no doubt at all.
The Russian businessman’s application to underwrite EUR30m (US$42m) that would give him up to 29.9% of Saab was recently approved by the Swedish National Debt Office (SNDO), although further confirmation is still to come from the European Investment Bank (EIB), who continued to remain tight-lipped today (25 May) to just-auto.
Carlstrom acknowledged there was now a process for Pang Da to go through with the Chinese government to obtain regulatory approval to invest in Saab but noted he did not see “any issues” with the deal.
Pang Da has already paid Saab EUR30m to produce 1,300 cars later this year, but any change in ownership status has to gain approval from several bodies including the EIB, the Swedish government and former owner General Motors.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCarlstrom confirmed that Antonov held a 1.5h meeting with Swedish Minister for Enterprise Maud Olofsson in Stockholm last night, although no details of their discussions have been released.
Earlier this week, Saab told just-auto Pang Da was looking to take a slightly lower stake of 24% than former Chinese suitors Hawtai.
“The thing with Hawtai was it was different process and different company,” said Carlstrom. “It [Pang Da] is another type of company so it will be a lot easier to have this approval.”
