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Saab turns down Chinese takeover offer

Victor Muller, the chief executive of Swedish Automobile has said he had turned down a full-blown takeover offer from China's Zhejiang Youngman Lotus Automobile Co and Pangda Automobile Trade Co, Reuters has reported. "The token offer was unacceptable because it would trigger every conceivable change of control clause and that would possibly mean the end of Saab," said Muller, without disclosing the value of the offer.