Saab sold licenses of the new Phoenix platform for around € 70 million. Saab partner Youngman is involved in this transaction, which provides for a “non-exclusive” transfer of license rights.
In principle, this is a classic liberation when this money really comes to the Saab accounts. And above all, come quickly. Actually, it should not be a problem, because only transactions from 100 million US $ are considered in China to be approved by the NDRC.
Saab press officer Eric Geers has recently confirmed to the press that the 70 million euros have not yet landed in the accounts in Sweden.
According to Saab, these 70 millions are part of the planned bridge financing until the acquisition of Saab by the new Chinese majority owners. With partner Youngman, a long-term development company was planned, in which Youngman Geld, Saab will contribute the technology. So no surprise.
Here is the press release:
Trollhättan, Sweden: Swedish Automobile NV (Swan) announces that Saab Automobile AB (Saab Automobile) signed a technology license agreement with a special purpose vehicle named Swedish Automobile coöperatief UA (SPV). The license agreement relates to the non-exclusive rights in Saab Automobile's Phoenix architecture technology for a consideration of EUR 70 million.
As part of the transaction, Youngman has also signed a license agreement with the SPV. This commitment of Youngman and the technology license agreement between Saab Automobile and the SPV are part of a bridge financing transaction. Saab Automobile are still subject to finalization of a loan agreement.
The 245 million equity investment of Pang Da and Youngman, which is still subject to approval of the relevant authorities.
Just ask yourself why now. Why did we first have to see the rejected reconstruction request. Presumably, the pressure in China has now become too big and, as I've written before, you do not want to let go of the fat fish called Saab.
The exciting Monday question remains. Saab maintains the reconstruction request despite the financial injection - or not?
I say yes, because now the court in Vänersborg would have to grant the application and Saab would have time to carry out the production and the rationalization measures in peace. Under the protection of the state, one could bridge the 4 - 6 weeks that are needed without stress - and without new horror reports.
Saab is currently not for you weak nerves. But maybe we will soon come to better and calmer waters.