Pang Qinghua, Chairman of Pang Da Automobile Trade Co, has said his company’s investment agreement with Saab is no longer valid after the cash-strapped Swedish carmaker filed for bankruptcy protection. Saab is also waiting for a bridging loan of €70 million that was secured by Youngman Lotus. The agreement would still need approval from the National Development and Reform Commission (NDRC). Zhejiang Geely Holding Group, which owns Sweden’s Volvo Car Corporation, had no intention to buy Saab, Lawrence Ang, Executive Director at Geely’s Hong Kong-listed unit, said. Swedish Automobile CEO Victor Muller, owner of troubled car maker Saab, turned down a full-blown takeover offer from China’s Zhejiang Youngman Lotus Automobile and Pangda Automobile. “The token offer was unacceptable because it would trigger every conceivable change of control clause and that would possibly mean the end of Saab,” he said. If the two Chinese car makers were still interested in Saab, they should stick to the terms of a deal signed in July that would see them take a combined 53.9% stake in Amsterdam-listed Swedish Automobile, he said. In their first offer, the two Chinese companies wanted to buy stakes in Swedish Automobile but in their newest offer they wanted to take over the company for a token sum. “Failure of the Saab deal may be a good thing, because Pang Da and Youngman can’t save Saab no matter how much they invest,” said John Zeng, Shanghai-based Analyst at IHS Global Insight. Saab Spokeswoman Gunilla Gustavs said that contact with the two Chinese companies had not been broken off.