News Summary: Asian electric car group to buy Saab
SAAB STORY: Swedish automaker Saab Automobile was rescued from insolvency when an Asian consortium sealed a deal to buy the brand's main assets with the aim of making electric cars. The price was not disclosed.
BUYER BIO; The buyer, National Electric Vehicle Sweden AB, is owned to 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC.
BREAKDOWN: Saab, which has more than 3,000 workers, filed for bankruptcy in December after its previous owner, the Dutch luxury car group Spyker failed to get sufficient backing.