Swedish Automobile N.V. has signed a memorandum of understanding to sell 100% of Saab to Pang Da and Youngman.

Swedish Automobile N.V. has signed a memorandum of understanding to sell 100% of Saab to Pang Da and Youngman.

Essentially a last ditch move, the deal is valued at €100 ($142 / £88) million and the amount will be paid in installments. As part of the agreement, Saab's government-appointed administrator has withdrawn his application for the company to exit reorganization.

Despite the cautious optimism, everything still faces approval from shareholders, government authorities and "certain other parties."

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Saab sold to the Chinese