Saab sells 30-percent stake to Hawtai

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Filed under: China, Etc., Europe, Saab, Earnings/Financials

Swedish automaker Saab has officially confirmed that the company has sold up to a 29.9 percent equity share to Chinese automaker Hawtai Motor Group Company Limited. The €150 million deal includes a €120 million subscription deal for 24.6 million shares of Saab, as well as a €30 million convertible loan. The deal still needs approval from various Chinese and European agencies, including the European Investment Bank and the Swedish National Debt Office. According to Saab, if finalized, the deal will provide mid-term financing for the company's operations and open up inroads into the thriving Chinese auto market.



Hawtai was only founded ten years ago, though its two production facilities have a combined capacity of 350,000 vehicles, 300,000 clean-diesel engines and 450,000 automatic transmissions. The company says that it plans to up its production capacity to 1 million vehicles by 2015.



According to USA Today, Saab CEO Victor Muller expects Chinese regulators to approve the deal within six to 12 months. Hit the jump for the full press release.

Continue reading Saab sells 30-percent stake to Hawtai

Saab sells 30-percent stake to Hawtai originally appeared on Autoblog on Tue, 03 May 2011 09:56:00 EST. Please see our terms for use of feeds.

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