Biz News Flash

Pangda to invest in Spyker

(China Daily)
Updated: 2011-05-17 13:43

Spyker Cars NV, the Dutch supercar maker, said China's Pangda Automobile Trade Co agreed to invest in the company, four days after a deal with Hawtai Motor Group collapsed.

Pangda will take a 24 percent stake in Spyker, which owns Saab Automobile AB, for 65 million euros ($92 million) at 4.19 euros a share. Pangda will pay 30 million euros to buy Saab vehicles and may make an extra conditional 15-million-euro payment for more autos within 30 days. The companies said they plan a car-making venture in China.

China Daily-Agencies