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Wednesday, December 26, 2007
China: Shanghai Automotive Buys Nanjing Auto
State-owned Shanghai Automotive Industry Corp. (SAIC) has come to an agreement with Yuejin Motor Group (also state-owned…) to buy its Nanjing Automobile’s auto-assembly and component-making businesses. The deal, which is valued at 2.1 billion Yuan or approximately $286 million, will set Shanghai as one of the biggest players in China’s booming auto-industry. According to reports, the combined
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China,
Nanjing,
Reports,
SAIC,
Shanghai Auto Show
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