The owner of Saab, the struggling Swedish carmaker, said it had reached agreement with two Chinese companies on a €245m ($352m) deal to distribute and produce cars in China.
Zhejiang Youngman Lotus Automobile will take a 29.9 per cent interest in Spyker Cars, which owns Saab Automobile, for €136m, alongside dealership Pang Da Automobile Trade Co, which signed a deal in May to distribute and produce Saabs in China, Spyker said on Monday.
Amsterdam-based Spyker had said it planned to add a third partner to a Chinese-bankrolled plan to rescue Saab by selling and producing its cars in the world’s largest car market.
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