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Saab abandons deal with China's Hawtai
A deal between Saab owner Spyker Cars and China's Hawtai has been scrapped, according to Spyker, although discussions about possible collaboration continue.
* Saab, Hawtai rebuff embassy criticism (6 May 11)
* Questions remain over Saab financing (4 May 11)
* Saab secures partnership with Chinese firm (3 May 11)
In a statement Spyker said its aim remains to forge a strategic partnership with Hawtai or another Chinese partner to cover manufacturings, technology development, and distribution in China.
The fact that the deal has fallen through means that production will not be able to resume at Saab's factory in Trollhättan in western Sweden.
According to the terms of the now scuppered deal, announced just last week, Hawtai was to invest €120 million ($170 million) in Spyker Cars which in return will secure a maximum of 29.9 percent of the shares in the firm.
An additional €30 million was to be provided in the form of convertible loans for a period of six months and at an interest rate of 7 percent.
But shortly after the deal was announced, doubts emerged as to whether Hawtai was a suitable partner.
According to the Swedish embassy in Beijing, Hawtai had inflated its production figures and had only been in the car manufacturing business for a year or so.
Saab's chair Victor Muller plans to conduct new talks with Chinese partners which the Swedish automaker had previously rebuffed, the Svenska Dagbladet (SvD) newspaper reported, quoting a source with insight into the situation.
Later on Thursday, Christian Democrat parliamentarian Mats Odell, who chairs the Riksdag's enterprise committee, plans to visit Saab's Trollhättan factory.
In addition, Spyker writes that talks with the European Investment Bank (EIB) are continuing regarding a short-term financing solution relying on the sale of Saab's real estate holdings, which are currently being used as collateral for state guarantees to the EIB loan.
Spyker hopes the deal would bring in €29 million.
Saab abandons deal with China's Hawtai
A deal between Saab owner Spyker Cars and China's Hawtai has been scrapped, according to Spyker, although discussions about possible collaboration continue.
* Saab, Hawtai rebuff embassy criticism (6 May 11)
* Questions remain over Saab financing (4 May 11)
* Saab secures partnership with Chinese firm (3 May 11)
In a statement Spyker said its aim remains to forge a strategic partnership with Hawtai or another Chinese partner to cover manufacturings, technology development, and distribution in China.
The fact that the deal has fallen through means that production will not be able to resume at Saab's factory in Trollhättan in western Sweden.
According to the terms of the now scuppered deal, announced just last week, Hawtai was to invest €120 million ($170 million) in Spyker Cars which in return will secure a maximum of 29.9 percent of the shares in the firm.
An additional €30 million was to be provided in the form of convertible loans for a period of six months and at an interest rate of 7 percent.
But shortly after the deal was announced, doubts emerged as to whether Hawtai was a suitable partner.
According to the Swedish embassy in Beijing, Hawtai had inflated its production figures and had only been in the car manufacturing business for a year or so.
Saab's chair Victor Muller plans to conduct new talks with Chinese partners which the Swedish automaker had previously rebuffed, the Svenska Dagbladet (SvD) newspaper reported, quoting a source with insight into the situation.
Later on Thursday, Christian Democrat parliamentarian Mats Odell, who chairs the Riksdag's enterprise committee, plans to visit Saab's Trollhättan factory.
In addition, Spyker writes that talks with the European Investment Bank (EIB) are continuing regarding a short-term financing solution relying on the sale of Saab's real estate holdings, which are currently being used as collateral for state guarantees to the EIB loan.
Spyker hopes the deal would bring in €29 million.
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