A logo of Swedish car manufacturer Saab is pictured in front of a Saab dealer in Vienna, June 24, 2011.Heinz-Peter Bader/Reuters
Cash-strapped car maker Saab moved closer on Monday to having Russian businessman Vladimir Antonov back on board as an investor, as the company finalized a Chinese capital injection to help turn around the loss-making brand.
Dutch-listed Saab owner Swedish Automobile said in a statement two non-binding agreements with Chinese companies Pang Da and Zhejiang Youngman Lotus Automobile to buy SWAN shares for €245-million had been finalized but were still subject to regulatory approvals.
"The agreements allow for the return of Mr. Vladimir Antonov as a shareholder/financier of SWAN and Saab Automobile which the parties expect as soon as the parties at interest have cleared him," SWAN said in statement on Monday.
A former shareholder in Swedish Automobile, Mr. Antonov had to sell his shares in the Dutch group before it bought Saab last year from General Motors after reports in Swedish media linked him to organized crime and money laundering.
He has denied such allegations and said he has cleared his name. Sweden's Debt Office and GM both said in April they had approved a plan for Mr. Antonov to return as an investor.
Mr. Antonov, who owns a bank in Lithuania and in Latvia, has wanted to return as a shareholder of Saab and aims to invest €30-million for a 29.9 per cent stake in SWAN.
Zhejiang Youngman Passenger Car Group and Saab will set up a Sweden-based joint venture to develop three new Saab models, the so-called Saab 9-1, 9-6 and 9-7, SWAN said. The joint venture is subject to regulatory approvals.