Another Chinese Acquisition Goes Bankrupt -- Saab

[praveen007]

Chinese Firms Lose from Saab Bankruptcy
.
(Beijing) – Reeling from the bankruptcy announcement of Saab Automobile AB, Chinese investors are moving to tally up the losses.

On December 19, a local court in Sweden announced its approval of Saab's bankruptcy application. The following day, Pangda Automobile Trade Co. (SHE: 601258), one of the bidders for Saab, suspended its stock trading in Shanghai for the day. Pangda, the largest auto dealer in China, said in an exchange filing on the same day that it will book a write-down, according to accounting rules, to reflect possible losses from its 45-million-euro prepayment to Saab for car purchase contracts.

Another Saab bidder Zhejiang Youngman Lotus Automobile Co., a commercial vehicle maker earlier this month provided 34 million Swedish Kronas (US$ 4.9 million) to Saab to help it pay various taxes and fees, according to a report by Swedish newspaper Dagens Industri.

Pang Caiping, a chief negotiator with Youngman, said in a press conference on December 19 that despite Saab's bankruptcy, the company successfully bought Saab's Phoenix Platform technology, adding it offered value for money.

Pang also said part of its prepaid capital for the acquisition of Saab will be used to set up a 50-50 joint venture with Saab for auto research and development.

But at the press conference, when asked whether Youngman can use the Phoenix Platform technology without the consent of General Motors, the previous owner of Saab, a Youngman public relations official said the company has yet to know the specific terms on the technology transfer agreement.
.
.
Chinese Firms Lose from Saab Bankruptcy - Caixin Online

 

[Sonyuke_Songpaisan]

just shows indian's class and taste. Such little thing can harm China?

 

[artie]

China always seems a good joke. What the Chinese are hoping is just to steal technology from saab.

 

[Abhishek_]

nothing much to laugh about, business deals occasionally go sour. I'm sure indian corps have also lost money at some point.
poor troll attempt

 

[sweetgrape]

Yes, only such kind of thing can make they happy!! That's indian character. Bad news refer to china is their love, you know!!

 

[Edevelop]

just shows indian's class and taste. Such little thing can harm China?

Indians are here to do leg pulling. Nothing new...

 

[Obambam]

and what is your take on this representative of India?

 

[asianamerican]

I don't get it. It is a bad business deal. What so extraordinary about that? It is not like Chinese are perfect.

God people love digging dirt on China. It rather shows the lack of character of people when they only see the bad in other people and laugh at other misfortune.

 

[praveen007]

nothing much to laugh about, business deals occasionally go sour. I'm sure indian corps have also lost money at some point.
poor troll attempt

.
.
As for lose part i am sure Indian companies do face it.
And for laugh you can very well understand the reaction of chines and other non Indian members if that lose was caused to an Indian company.

 

[Sonyuke_Songpaisan]

.
.
As for lose part i am sure Indian companies do face it.
And for laugh you can very well understand the reaction of chines and other non Indian members if that lose was caused to an Indian company.

Chinese dont even want to pay attention to u, It's indians always make noise to get china's attetion.

 

[Abhishek_]

.
.
As for lose part i am sure Indian companies do face it.
And for laugh you can very well understand the reaction of chines and other non Indian members if that lose was caused to an Indian company.

one wrong justifies another???

 

[Obambam]

.
.
As for lose part i am sure Indian companies do face it.
And for laugh you can very well understand the reaction of chines and other non Indian members if that lose was caused to an Indian company.

China is still the second largest despite the minor upset. How many of these mishaps does it take in order for you to see China collapse I wonder? I bet India must be so proud of you. Did you know that India's economy isn't even comparable to that of Brazil? Yet you have the audacity to laugh at China whose economy is larger than Russia, Brazil and yours combined? Either post sensibly or get your rear end banned for trolling

 

[Filmmaker]

Yes, only such kind of thing can make they happy!! That's indian character. Bad news refer to china is their love, you know!!

And the same applies to you too dear

 

[Crypto]

China actually wanted to buy Saab and drive it out of bankruptcy but GM declined as it didn't want technology transfer.

 

[Jiang]

Is a sad story really, GM blocked the acquisition from China, so Saab went bankrupt, and all those workers lost their job.