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The Chinese failed to buy a large share in Saab.

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Chinese concern Hawtai Motor Group has concluded an investment agreement with unprofitable Saab last week later this idea has been abandoned by force.Because Chinese side has failed to gather all necessary permits and documentation from local authorities. As a result, the agreement has been terminated in accordance to today\'s announcement from the Swedish owner Spyker Cars.

At the same time, Spyker, Saab and Hawtai continue talks on possible strategic ways of partnership. Saab Automobile is now willing to consider partnership options with any Chinese companiy although they don\'t exclude co-operation with the same Hawtai.

It is supposed that Hawtai is to invest 150 million of euros in Saab 120 million of which are directed for purchasing of 29.9% stake in Spyker and 30 million of euros will be allocated under the convertible 6 months loan with rate of 7% per annum. Saab intends to direct the obtained means for debts repayment  against accessory suppliers and manufacture restoration which is suspended since April, 6th 2011.

12 May 2011
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