Spyker N.V.
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Publicatie datum
13 jun 2011 - 09:02
Statutaire naam
Spyker N.V.
Titel
SAAB AUTOMOBILE, SPYKER, PANG DA AND YOUNGMAN ENTER INTO MOU ON DISTRIBUTION/MANUFACTURING PARTNERSHIP FOR CHINA AND EQUITY PARTICIPATION
Bericht
Zeewolde, The Netherlands, 13 June 2011 – Spyker Cars N.V. (Spyker) announces today that Spyker, Saab Automobile AB (Saab Automobile), Pang Da Automobile Trade Co., Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) signed a non binding memorandum of understanding (MOU). The MOU includes an equity participation in the total aggregate amount of about EUR 245 million as well as a strategic alliance consisting of a three partite distribution joint venture and a tripartite manufacturing joint venture for Saab branded and child brand vehicles in China.
On 16 May 2011 Spyker and Saab Automobile signed a memorandum of understanding (the 16 May MOU) with Pang Da, China’s largest publicly traded automobile distributor with over 1,100 dealerships nationwide. That 16 May MOU included a strategic alliance consisting of a 50/50 distribution joint venture (DJV) and a manufacturing joint venture (MJV) for Saab branded vehicles as well as for an MJV owned brand (the so-called 'child brand') in China. It was agreed that Saab Automobile would have up to 50 percent in the MJV, with Pang Da and a to-be-selected manufacturing partner owning the remaining shares. Pang Da and Saab Automobile have now agreed with Youngman to become the manufacturing partner in the MJV (in which Youngman will take 45% of the shares, Saab 45% and Pang Da 10%) and the DJV in which Youngman will take 33% of the shares, Pang Da 34% and Saab Automobile 33%.
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