BREAKING NEWS: This is the DEAL! *Updated
December 4, 2011 in News
Swedish Television reports that Youngman and Saab’s chairman Victor Muller has reached an agreement for a new solution that will save Saab.
The deal has been handed over to GM as we know but what it includes is that the Saab employees will be paid on monday.
Last friday, after long negotiations in stockholm, Victor Muller and Youngman agreed. In this new deal Youngman is forced to retreat from the idea of taking over all of Saab together with Pang Da. The deal looks like the one drafted this summer but with one exception, Pang Da has been replaced by an international bank. Still no reports on which that bank is! Youngman will have 19,9% of the shares.
SVT also reports that the international bank will take just under 50% which GM should approve off. In this solution GM will also be paid for its preferential-shares in Saab but most important of all, the loan to the EIB will be paid off which eliminates one of the biggest obstacles, the Swedish Government together with the EIB.
The cost for restarting production in Trollhättan is also in the new business plan, which means that Youngman and the international bank will need to put in a couple of hundred million euro’s over the next couple of years to come…
UPDATE: According to information we’ve received, this is probably how the ownership structure will look like:
SWAN: 50,1 %
Not-named international bank: 30%