Pang Da and Youngman Agree to Buy Saab for EUR 100 Million

ZEEWOLDE, THE NETHERLANDS – Saab’s parent company Swedish Automobile N.V. (Swan) entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100 percent of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for EUR 100 million.

According to a release from Saab, the final agreement between the companies is subject to a definitive share purchase agreement between Swan, Pang Da, and Youngman. The agreement will contain conditions such as approval of relevant authorities, Swan’s shareholders, and others involved in the process. Pang Da and Youngman said they will pay the EUR 100 million in installments.

The administrator in Saab Automobile’s voluntary reorganization in Sweden, Guy Lofalk, withdrew his application to exit the reorganization process.

The memorandum of understanding signed by Pang Da, Youngman, and Swan is valid until November 15, 2011, provided Saab Automobile stays in the reorganization process.