SAIC Motor seeks SAIC mulls truck transfer to Shanghai Diesel
October 10,2008
SAIC Motor, China's largest automaker, is considering injecting its commercial vehicle assets into Shanghai Diesel Engine, which it is in the process of taking over.
The proposed asset transfer, which is still in the early stages of consideration, would involve an issue of new shares by Shanghai Diesel Engine to SAIC in exchange for control of heavy-duty truck maker SAIC-Iveco Hongyan Commercial Vehicle Co and other assets, a source said.
An SAIC spokeswoman said there had been no discussions of such a plan at the company.
"We have never discussed such a plan. We will announce all major restructuring deals in a timely manner," she said.
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