BAIC intends to buy remaining Saab assets

Middle East North Africa Financial Network - Foreign media reported on February 7 that BAIC Group flagged its intentions to buy Saab Automobile AB in less than 24 hours after Zhejiang Youngman Lotus Automobile made an offer for Saab.

Vice President in Beijing Automobile Investment confirmed their consideration of acquisition of Saab. BAIC may purchase the remaining assets in Saab in a joint deal with Panasonic Corporation to produce electric vehicles (EV). BAIC representatives have arrived in Sweden and got ready to negotiate about the acquisition. So far, there has been no indication showing which part of assets BAIC will buy.

Sources revealed Zhejiang Youngman Lotus Automobile offered SEK 2.2 billion-SEK 3.2 billion (approximately USD 327 million-USD 475 million) for acquisition of Saab but the figure was said to be SEK 3 billion (roughly USD 446 million) according to some media. Saab Automobile's bankruptcy liquidators Hans Bergqvist and Anne-Marie Pouteaux rejected to disclose any details about the offerer.