Chinese firm buys Saab for $140M
October 29, 2011 – 9:10 pmSwedish Automotive has reached an agreement to sell its struggling Saab unit to two Chinese companies, in a bargain-basement deal to try to save a company thats nearly out of business.
Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile will pay just €100 million, or about $142 million, for the 62-year old automaker. Saab hasnt been able to manufacture a car at its Swedish plant since April due to financial woes.
