Chinese firm buys Saab for $140M

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Swedish Automotive has reached an agreement to sell its struggling Saab unit to two Chinese companies, in a bargain-basement deal to try to save a company that’s nearly out of business.

Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile will pay just €100 million, or about $142 million, for the 62-year old automaker. Saab hasn’t been able to manufacture a car at its Swedish plant since April due to financial woes.

Full story: Saab sells for $140 million to Chinese firms