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Tuesday, May 17, 2011

WRAPUP 1-Spyker hit by breakdown of Saab's Chinese rescue, (SPYKR)

A rescue deal for Saab involving China's Hawtai Motor Group collapsed on Thursday, leaving owner Spyker (SPYKR.AS) chasing new funding alternatives to restart production at the Swedish carmaker. Spyker said it was continuing talks with Hawtai, while a source told Reuters that another Chinese company, sports utility vehicle maker Great Wall Motor (2333.HK), was also talking to the Dutch company about a possible tie-up. Meanwhile Vladimir Antonov is still interested in investing in the troubled Swedish marque, a spokesman for the Russian businessman and former Spyker shareholder said. Hawtai and Dutch-listed Spyker agreed a deal last week to pump 150 million euros ($216 million) into the loss-making marque and produce a new model in China. But this was spoiled by a failure to get necessary approvals.

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