Spyker, the Dutch company that owns Saab, has secured €110m ($156m) of funding from China’s largest publicly traded car distributor to rescue the embattled Swedish carmaker.
Pang Da, which recently raised nearly $1bn in a Shanghai initial public offering, will provide €45m to Saab to allow it to resume manufacturing for export to China.
Saab’s Swedish plant has been idle for about six weeks after parts suppliers ceased deliveries until bills were paid. The Chinese group will also pay €65m for a 24 per cent equity stake in Spyker, the luxury carmaker that bought Saab last year, in order to secure Saab’s medium-term funding needs. This deal requires regulatory approval.
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