October 28, 2011 / 3:31 AM / 8 years ago

Pang Da, Youngman close to Saab deal with Swedish Auto -source

BEIJING, Oct 28 (Reuters) - Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co are close to reaching a deal with Swedish Automobile for a possible takeover of Saab, a source with knowledge of the matter said on Friday.

“The Chinese side and Swedish Auto have been discussing a new equity deal in the past weeks and are close to reaching an agreement now,” the source told Reuters.

The new deal may give the Chinese companies control of the troubled Swedish car maker, the source added, but declined to provide financial details.

Pang Da and Zhejiang Youngman executives could not be reached immediately for comment. (Reporting by Fang Yan and Ken Wills)

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