BLM Publishes Draft Environmental Study for Oil Shale and Tar Sands Resources on Public Lands; Proposes Allocating 1.9M Acres for Development
First Vehicles Painted with Ford’s New Three-Wet Process on the Road

SAIC and Nanjing Automotive Merge

Reuters. SAIC Motor Corp and Nanjing Automobile Group announced a long-expected merger, creating a larger Chinese national automaker which will be better positioned to compete with the multinationals.

SAIC Motor will pay 2.095 billion yuan ($285.7 million) for the vehicle and core auto parts operations of Nanjing Auto, owner of the MG Rover brand. Nanjing Auto’s parent company, Yuejin, will receive 320 million shares in SAIC Motor, equal to 4.9% of the total shares.

“Faced with global competition, we need to go down the path of mergers and consolidation,” SAIC Motor Chairman Hu Maoyuan told reporters.


Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Your Information

(Name is required. Email address will not be displayed with the comment.)