STOCKHOLM -(Dow Jones)- Swedish car maker Saab Automobile AB said Tuesday that takeover talks between its owner Swedish Automobile NV (SWAN.AE) and two Chinese investors will continue despite the fact that a memorandum of understanding signed by the parties only runs until Nov. 15.
"All parties have agreed to continue the discussions, but they won't officially sign a new agreement," said Gunilla Gustavs, spokeswoman at Saab Automobile.
The Chinese companies, Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., signed a memorandum of understanding with Saab Automobile's owner, Swedish Automobile, three weeks ago, in which they agreed to buy 100% of the shares in the Saab Automobile for EUR100 million.
However, General Motors Co. (GM), the former owner of the troubled Swedish car maker, objected to the deal and said it won't continue to license its technology to Saab Automobile following the proposed change of ownership, a move that could put an end to plans of selling the cash-starved Swedish brand.
"It is vital that we can agree on a new ownership structure that GM can approve," said Gustavs.
Saab has been operating under creditor protection while trying to restructure its operations for a second time since being put up for sale by GM in 2009. Production has been suspended since April amid a lack of sufficient funds to pay suppliers and employees.
Saab Automobile have to present a plan of how to pay off its the debt to creditors on November 22, and get it approved, to remain under creditor protection while it restructures its business.
STOCKHOLM - (Dow Jones) - Le constructeur automobile suédois Saab Automobile AB a déclaré mardi que les pourparlers concernant le rachat de son propriétaire suédois NV Automobiles (SWAN.AE) et les deux investisseurs chinois continuera malgré le fait qu'un mémorandum d'entente signé par les parties ne s'applique que jusqu'au 15 novembre.
"Toutes les parties ont convenu de poursuivre les discussions, mais elles ne signeront pas officiellement de nouvel accord", a déclaré Gunilla Gustavs, porte-parole de Saab Automobile.
Les entreprises chinoises, Pang Da Automobiles Trade Co. et Zhejiang Youngman Lotus Automobile Co., ont signé un protocole d'entente avec le propriétaire de Saab Automobile, Automobiles suédois, il ya trois semaines, dans lequel ils ont convenu d'acheter 100% des actions de l'Automobile de Saab pour 100 millions d'euros.
Cependant, General Motors Co. (GM), l'ancien propriétaire du constructeur automobile suédois en difficulté, sont opposés à l'accord et menace de ne pas accorder de licence couvrant la technologie à Saab Automobile suite à la proposition de changement de propriété. Une décision qui pourrait mettre un terme aux plans de vente de la marque à court d'argent .
"Il est vital que nous puissions convenir d'un nouvelle structure de propriété que GM puisse approuver", a déclaré Mrs Gunilla Gustavs.
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