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  • GM, Saab and Chinese investors

    Nov 09, 2011, 11:50
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    General Motors will ban Saab from using their technologies and will stop the supply of components, especially for the model 9-4X, because of the risks that have emerged in connection with an agreement to sell the brand to Chinese companies.

    "Despite the fact that GM is still open to continue the supply of engines and other components of Saab in accordance with the terms and conditions, GM does not agree to continue operation of existing licenses on technology and delivery model of the 9-4X due to change of ownership. It is not in the interests of GM shareholders ", - said company representative.
    In its turn, the head of Saab Victor Muller said that the rejection of the proposed GM plan to save the company means that the Swedes have to return to negotiations with Chinese investors. According to his words, there is always an alternative, but the problem is in the lack of time.
    Many experts doubt that a saving plan for the Swedish manufacturer from bankruptcy – is a very risky undertaking. Their main worry is that the deal between Saab and Chinese investors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. must be approved by the GM. The American concern is one of the major shareholders of Saab (54%) and supplies Swedes with components.
    GM agreed to continue to supply Saab after the sale of 100% part to Chinese investors, if they will pay GM $ 500 million. The GM declined to comment on the negotiations on this issue.
    A Swedish court appointed lawyer, saw a positive trend in the process of restructurization of the company and has provided Saab protection from creditors.  

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