Spyker Cars becomes Swedish Automobile
We knew something was going on when a Swedish newspaper reported that Volvo was looking into purchasing Saab from Spyker, but the deal didn’t exactly go down like they had stated. Volvo won’t be purchasing the Swedish automaker, but as of June 15, 2011, the Spyker/Saab pair will now be known as Swedish Automobile N.V. (SWAN) after both companies were purchased by the Chinese Pang Da Automobile (Pang Da). Pang Da gave Spyker new life by filling its veins with a €65 million investment for a 24 percent stake in the company.
In a previous statement, Victor Muller, CEO Spyker Cars and Saab Automobile, said: "Based on our discussions with Pang Da we are confident about the possibility of Pang Da obtain regulatory approvals necessary to formalize the transaction. I am very eager to create a solid company with Pang Da, first in the distribution and subsequently in the manufacture of Saab cars in China. It must be stressed that the prepayment Pang Da and sales of Saab cars imported are not subject to approval by the NDRC. The first advance of 30 million has been received by Saab on Tuesday."