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Article: China : China's Changan Auto to acquire AVIC's auto assets.
- Article from:
- TendersInfo
- Article date:
- November 10, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
The State parent of Chongqing Changan Automobile Co has agreed to take over major auto assets from aircraft maker Aviation Industry Corp of China (AVIC), heeding Beijing's calls to speed up restructuring in the fragmented auto industry.
Under the agreement, Changan Automobile Group, a Ford Motor partner, will take over minivan maker Harbin Hafei Automobile Industry Group and the China ventures of Suzuki Motor Corp and Mitsubishi Motors Corp, People's Daily said.
State-owned AVIC will get a 23 percent stake in the enlarged Changan Auto Group in exchange for the assets, which also include Harbin ...