The two Chinese corporations are Pang Da and Youngman (Zhejiang Youngman Lotus Automobile). They will both acquire substantial parts of the Spyker stocks.
According to a so called "declaration of intent", Pang da will own 24 percent of Spyker Cars for a sum of 109 million euro. There is already a co-operation between Spyker and Pang Da. Youngman invests 136 million euro and will thus own 29.9 percent of the Spyker Cars shares.
The agreement is "non-binding" and demands green light from "authorities and other parties". The "non-binding" part has worried some people that one of the parties is still hesitating. But according to others, there is nothing strange about a non-binding agreement.
- I think it is rather about not being "locked-in" by binding formulations in case the agreement would fail because of external factors, says Mikael Wickelgren, lecturer in Business at the College of Skövde according to Dagens Nyheter.
There are several instances which might have objections, for example General Motors and the European Investment Bank.
This will surely not provide Saab with fast capital. It is rather about securing the long term capital base. Saab has currently problems with short-term capital and the production stands still at the moment due to lack of capital.
Saab to be produced in China
The three companies (Spyker, Pang Da and Youngman) are now building a strategic alliance in order to start produce Saab-cars in China. They intend to invest a total of 245 million euro in this project.
"We are convinced that Youngman has all the qualities needed to produce Saab cars and that our co-operation will be a success", writes Victor Muller, chairman of Saab Automobile.
The Spyker stock climbed 15 percent at the Amsterdam stock exchange when the news was presented about the new agreement with Pang Da and with Youngman.