Biz News Flash

Hawtai-Spyker Saab deal spiked

(China Daily)
Updated: 2011-05-16 14:55

Chinese SUV and car manufacturer Hawtai Motor Group will terminate a proposed 150 million euro ($222 million) deal with Dutch sports car company Spyker Cars NV to make Saab cars in China, according to an emergency news release from Hawtai on May 12.

The statement was released just nine days after Hawtai unveiled plans to partner with the owner of Saab.

Spyker said in a press release that the deal was cancelled because Hawtai was unable to obtain all necessary approvals.

Foreign media cited anonymous sources saying that Great Wall Motors is now in discussions with Spyker, but the secretary to Great Wall's CEO said the domestic automaker has had no recent contact with Spyker, although it did previously.