Trollhättan, Sweden – Swedish Automobile (Swan), the parent company of Saab, has terminated a proposed buyout of the automaker by Chinese companies Pang Da and Youngman.

The three companies entered into the original subscription agreement in July 2011. 

In a statement, Swan said that Pang Da and Youngman failed to confirm their commitment to the agreement and to the transactions on the agreed-upon terms, as well as to explicit and binding agreements made earlier this month related to the Chinese partners providing bridge funding to Saab during its reorganization under Swedish law.

Pang Da and Youngman presented certain conditional offers for alternative transactions on the purchase of 100 per cent of Saab’s shares, but Swan said the offers are “unacceptable.” However, discussions between the parties are ongoing.

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