Saab rejects Chinese takeover offer

http://www.bbc.co.uk/news/business-15406698

Pang Da and Youngman had previously agreed to inject 245m euros ($340m; £215m) into Saab in exchange for about half of the company, but now wants to take complete ownership.

Saab's administrator said it lacked the cash to carry on and has asked a court to halt its reorganisation process.

If the court agrees, Saab will almost certainly be declared bankrupt.

Thousands of Saab employees and suppliers have called for bankruptcy. Their requests, which had been put on hold during the reorganisation, are likely to be reactivated.