Arab Today, arab today gm may block sale of saab to chinese firms
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

GM may block sale of Saab to Chinese firms

Arab Today, arab today

Arab Today, arab today GM may block sale of Saab to Chinese firms

Detroit - Arabstoday

General Motors Co. indicated it may block the sale of its former Saab Automobile unit to two Chinese companies if the deal would harm GM\'s interests. \"GM would not be able to support a change in the ownership of Saab which could negatively impact GM\'s existing relationships in China or otherwise adversely affect GM\'s interests worldwide,\" James Cain, a company spokesman based in Detroit, said in an e-mailed statement. Zhejiang Youngman Lotus Automobile and Pang Da Automobile Trade Co. agreed on October 28 to buy Saab from Zeewolde, Netherlands-based Swedish Automobile NV for €100 million (Dh506.23 million), and they have pledged to invest €610 million in the Swedish carmaker. GM, which sold Saab last year to Spyker Cars NV, later named Swedish Automobile, must approve the deal if it is to proceed. Clearance is also required from Chinese authorities, the Swedish government and the European Investment Bank. Saab has produced few cars since it first stopped production in March because of a lack of cash, and is now under court-administered protection against creditors. GM is waiting to get more information from Saab before it makes a final decision, Cain said in a phone interview. \"This position reflects our concerns as of today based on the information we have that\'s incomplete,\" Cain said, declining to elaborate about the concerns.  

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