Saab boss 'confident' sale will happen

* New deal with Chinese buyers * Simpler deal more likely to succeed * Production unlikely to restart in 2011...

Saab boss 'confident' sale will happen

Saab's boss is confident that the car maker's sale to Chinese investors will go ahead despite earlier deals having collapsed

The new agreement hands complete control of Saab to Pang Da and Youngman for a price of 100m (88m).

The two companies had previously agreed to buy up to 50% of Saab, but Chinese authorities refused to approve the deal.

However, Saab boss Victor Muller said he was 'confident' the deal would go through soon because 100% of the company's shares are involved.

Saab will continue to manufacture the majority of its cars in Sweden, with the Trollhattan factory capable of producing up to 190,000 vehicles a year. However, Muller said the car maker would be unlikely to build any cars this year.

Mr Muller said the new owners intended to make China the second biggest market for Saab, and that they also intended to reinstate the brand as a rival for premium manufacturers such as Audi and BMW.

I am proud that we have managed to bring Saab to a safe haven and it is alive. It is an iconic car maker and that is what we set out to do, but it was a very tough undertaking, said Muller.

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