General Motors, former owner of Saab and current supplier of parts and technology to the automaker, is still opposing a rescue deal to sell Saab to Chinese automakers, according to Swedish business daily Dagens Industri.
Pang Da Automobile Trade and Zhejiang Youngman Lotus Automobile are interested in buying Saab from current owner Swedish Automobile. GM opposes the deal as it could compromise its competitive position in key markets including China and allow rivals access to its technology. The two Chinese investors submitted a new proposal to GM, after the U.S. automaker rejected the initial deal two weeks ago, but GM’s position has not changed.
“Saab and Youngman can do whatever they think is best for the company,” the paper quoted GM spokesman James Cain saying. “But if it is a 100 percent takeover of Saab, they are going to do it without the cars we deliver, the 9-4X, and without GM’s technology,” he added.
Swedish Automobile declined to comment on the matter. Pang Da and Youngman signed a memorandum of understanding with Swedish Automobile four weeks ago agreeing to buy Saab for €100 million ($142 million). The offer replaced the initial deal to purchase a combined 53.9 percent in Swedish Automobile for €245 million.