Spyker Drops Saab Deal with Hawtai MotorMay 12th, 2011 | Posted in Hawtai
Spyker Cars announced on May 12 that the agreement reached on May 3 with Hawtai Motor on a rescue plan for Saab was terminated "since it became clear that Hawtai was not able to obtain all the necessary consents" (of different stakeholders).
The announcement also states that Spyker will continue discussions with Hawtai for a possible cooperation, but be open to offers from other sides. Great Wall Motor is now considered by many a main contender for a Saab deal.
Hawtai Motor released a short notice (which, in Chinese, can be found here) Thursday evening (Beijing time) confirming that the deal with Spyker is now dead and that both sides are still in talks.
According to the deal reached on May 3, Hawtai would buy a 29.9% stake in Spyker for 120 million Euros and offer the latter a loan of 30 million Euros, and the two sides would work together to make and market Saab cars in China.
Click here for the May 12 announcement from Spyker.