Talks on approval
Source: Agencies |
May 24, 2011, Tuesday
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Print Edition
Print Edition
CHINA'S largest listed car distributor Pang Da Automobile Trade Co has started initial procedural talks to gain Chinese regulatory approval to invest in Swedish car maker Saab.
Saab owner Spyker Cars entered into a partnership deal worth up to 110 million euros (US$154.7 million) with Pang Da last week to stave off the collapse of the Swedish car maker, but the arrangement is contingent on Chinese regulatory clearance.
A previous deal Spyker entered into with China's Hawtai Motor Group fell through earlier this month due to problems in getting Chinese government approval for an overseas investment.
Spyker yesterday said Pang Da had started procedural discussions with Chinese authorities, including the National Development and Reform Commission.
Saab owner Spyker Cars entered into a partnership deal worth up to 110 million euros (US$154.7 million) with Pang Da last week to stave off the collapse of the Swedish car maker, but the arrangement is contingent on Chinese regulatory clearance.
A previous deal Spyker entered into with China's Hawtai Motor Group fell through earlier this month due to problems in getting Chinese government approval for an overseas investment.
Spyker yesterday said Pang Da had started procedural discussions with Chinese authorities, including the National Development and Reform Commission.
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