According to several reports, Saab’s Dutch owner, Swedish Automobile, and China’s Youngman have agreed that the Bank of China will come in as part owner of the ailing Swedish carmaker. Read more after the jump…

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(AutoNews)–Under the new deal, the Bank of China will replace Chinese distributor Pang Da Automobile Trade Co. as an investor in Saab.

Youngman and the Bank of China, the country’s fourth-largest bank by market value, will together own just under 50 percent of the company, a source familiar with the deal told Reuters.

Swedish Television also reported Sunday that the Bank of China will become an investor in Saab, according to the SaabsUnited Web site.

The move could help pave the way for an approval by General Motors Co., which sold Saab in 2010 and still has preferential shares in the carmaker.

GM said in November it would stop supplying components and technology if Youngman and Pang Da succeeded with their bid to buy Saab, amid fears that its technology could fall into the hands of competitors.

The new plan has been handed over to GM, Reuters said.

On Nov. 30, GM executives held talks with Saab representative Guy Lofalk in Detroit, reported China Business News, a Shanghai-based daily newspaper.

GM asked Pang Da and Youngman to acquire no more than 20 percent of Saab each, reported the newspaper, citing an unnamed Pang Da source.

Pang Da and Youngman originally had planned to take a joint 100 percent stake.

Cash-strapped Saab is currently under court protection from creditors in Sweden after unions representing the carmaker’s employees began proceedings to put it into bankruptcy over unpaid wages.

Pang Da operates auto dealerships in China, while Youngman produces commercial vehicles, including buses and trucks, and sells cars under the Lotus brand.

GM operates in China in a partnership with state-run automaker SAIC Motor Corp.