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