Saab knocked out again...is the Swede a complete turnip?
Why the change of deal? Because "circumstances have changed" since the initial deal was made in July. Funnily enough, Saab's owner Swedish Autmobile NV (Swan) thinks the fresh offer is "unacceptable". There was also doubt that Saab would receive a 70 million Euro bridging loan it had agreed with Youngman.
Saab has found itself in further trouble as it has ended its agreements with Chinese investors Pang Da and Youngman.
The initial deal, to purchase a 53 percent stake in the permanently knackered firm for £215million, began to fall apart after Pang Da and Youngman made an alternative offer to buy the whole company rather than the pre-agreed 53 percent.
Saab has received initial loan payments, but the most recent chunk of cash was due on 22nd October and never arrived. The lack of investment will have an effect on Saab's immediate future, possibly killing the firm early.
Because of this, the deals have been cancelled and Saab is searching for a new investor – like a drunk guy looking for a girl at kicking out time.
Thankfully Swan is in talks with other firms – North Street Capital (a US equity firm) put in an offer for an equity stake for £40million just last week. Which is a bit of a relief.
The saga continues. For now, at least.