Biomass energy company leads deal to buy Saab
SHANGHAI (AP) -- The Asian consortium planning to rescue Swedish automaker Saab Automobile from insolvency is led by a mainland Chinese tycoon whose fortune was made in biomass energy.
Kai Johan Jiang, born in rural eastern China, once worked for Volvo Trucks. His company specializes in building and running power plants fueled by straw and corn stalks.
Jiang's National Modern Energy Holdings holds a 51 percent stake in the company that is buying Saab's main assets. Sun Investment LLC, said to be a Japanese company, holds the remaining 49 percent.
Saab's buyers say they plan to meld Swedish car design and manufacturing know-how with Japanese electric vehicle technology to promote premium electric vehicles in China -- a goal that has so far proven elusive.
(Copyright 2012 by The Associated Press. All Rights Reserved.)