Pang Da's Saab Bid Reaches SNDO
The Chinese auto retailing group promised money, volume and, above all, the salvation of Saab, after an agreement that was fought for by both Saab and its owner, Spyker. Soon after, Pang Da proceeded with filing for approval of the investment with the Chinese authorities.
At the beginning of the week, Pang Da's CEO, Pang Qinghua said that he is “convinced that we will be able to get all the necessary documentation and approvals to successfully complete the transactions.”
On Tuesday, the Pang Da rescue reached the National Debt Office (SNDO), who is expected to have a say on the subject as well. Unlike in China, however, things might not go so smoothly, given the big number of interested parties. The organization has not set a time limit for a reply to the proposal (Saab is planning to restart production this Friday, if it has all the approvals in place).
"We are trying to file the questions as quickly as we can, but I don't have...the date, this week or next week," an SNDO spokeswoman was quoted as saying by just-auto.com.
"It is the same as before with Hawtai that the EIB, SNDO, the government and GM have to approve Pang Da as owners. We have done our part and right now we are working on the questions."