Swedish Car has abruptly canceled the memorandum of understanding with partners and Youngman From Pang, accused for not having complied with the agreed arrangements. This new and unexpected chapter affect the rescue of the Saab brand, which is subject to the partnership agreement signed in July: Swedish Car (owner of the Swedish manufacturer) would have sold his 53.9% stake in exchange for 245 million euros, funds needed to guarantee the continuation of activities.
The leaders of the Swedish Automobile however, have put their foot down and denounced an attempt to climb. Victor Muller, CEO of Swedish society has deemed “unacceptable” offer to acquire 100% of the shares, as it would “change of control clause that could determine the end of Saab.” The two lenders are also blamed for the failure to respect the agreements concluded on 13 October, among which the granting of a loan of 70 million euros in exchange for rights to the use of the prototype Phoenix.
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