China’s Pang Da, Youngman agree to buy Saab

Chinese firms Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. have agreed to buy Saab for $142 million (100 million euros).

Saab owner, Swedish Automobile, said on Friday that it has entered into a memorandum of understanding to sell 100 percent of the shares of Saab to the Chinese companies.

Swedish Automobile said an important part of the deal "is the commitment of Pang Da and Youngman to provide long-term funding to Saab Automobile."