Pang Da says 3-party JV deal with Saab still valid

Newswire

BEIJING, Oct 25 (Reuters) - Pang Da Automobile Trade Co said on Tuesday its 3-party joint venture agreement with Saab's owner was still valid, a response to the Swedish company's move to end the deal. Swedish Automobile said late on Sunday that it was cancelling a provisional agreement, signed in June, in which Pang Da and Zhejiang Youngman Lotus Automobile Co would each take a stake in the company for a combined 245 million euros ($340 million), because they had failed to confirm their ...

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