Pangda, Zhejiang Youngman seek stake in Saab

BEIJING - Pangda Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co will seek approval from China's top economic planning agency this month to invest in the cash-starved Swedish carmaker Saab Automobile AB.

Pangda, China's biggest dealer by market value, and automaker Zhejiang Youngman agreed in June to buy a combined 53.9 percent stake in Saab for 245 million euros ($352 million).

"We're optimistic about the deal getting approval from the National Development and Reform Commission (NDRC) as we believe it is in line with government policies," Wang Yin, Pangda's board secretary, said on Thursday.