Saab rejects bid from Youngman image

Chinese vehicle maker Zhejang Youngman Lotus has made an audacious 3 billion crowns ($446 million) bid for the bankrupt Saab operation last week.

However, SAAB administrators have rejected $446 million bid from Chinese car manufacturer, Youngman reported on Monday.

This may come as a shock to many, because if SAAB administrators go ahead with their plan to divide and sell SAAB, then around 1000 of their employees will become jobless.

However, the Sweden’s Debt Office who has repaid SEK2.2bn (US$325m) to the European Investment Bank last week — already made it clear that it prefers to see the sale of the Saab, not as part but as whole.

Saab, whose parent is Netherlands-based Swedish Automobile (SWAN), filed for bankruptcy on Dec. 19 after running out of cash. Mahindra & Mahindra Ltd., India’s biggest sport-utility vehicle manufacturer, is interested in buying at least parts of the Swedish automaker, two people familiar with the situation said on Dec. 30.

Saab was already on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) — at the time called Spyker – for $400 million.