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Friday, 7 October 2011

Interest in Saab denied by Volvo owner Geely

Saab-logo-volvo-logo
Geely auto manufacturers from China, whose parent company owns Volvo Cars, denied a Swedish newspaper report that it is interested in acquiring Saab.

Saab is restructuring under creditor protection while it waits for a long-term investment from China's Zhejiang Youngman Lotus Automobile and Pangda Automobile Trade Co. A bridge loan of 70 million euros ($93 million) guaranteed by Youngman has yet to come through.

Youngman may want to pull out of its agreement to put money into Saab in the longer term, Dagens Nyheter said on Thursday, citing an unnamed source with knowledge of the situation.Vcommindia News

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