From Automotive News, a Crain publication
Pangda Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. will this month seek approval from China's top economic planning agency to invest in Saab.
Pangda, China's biggest dealer by market value, and automaker Zhejiang Youngman agreed in June to buy a combined 53.9 percent stake in Saab for Euro 245 million ($359 million).
"We're optimistic about the deal getting approval from NDRC as we believe it is in line with government policies," Wang Yin, Pangda's board secretary, said in a telephone interview, referring to the National Development and Reform Commission.
The two companies plan to submit the application in the next two weeks, he said.
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