BAW to buy Delphi assets

Beijing Auto Works | Ash | March 18, 2009 at 3:17 pm

The Chinese automotive media is reporting heavily on this particular piece of news:

SHANGHAI, March 18 (Reuters) – Chinese automaker Beijing Automotive Industry Co is seeking to buy U.S. auto parts maker Delphi Corp’s (DPHIQ.PK) non-core assets, the 21th Century Business Herald said on Wednesday.

A government-backed consortium whose members include Beijing Auto and several private-sector parts suppliers are in talks with Delphi to buy its assets, including brake system and suspension businesses, the newspaper said, citing unnamed sources.

It did not specify the size of any potential deal.

Delphi, which filed for bankruptcy protection in 2005, had indicated its intention to offload some non-core assets.

Delphi’s spokesman in China could not be immediately reached for comment.

Beijing Auto, a Daimler AG (DAIGn.DE) partner, is the parent of truck maker Beiqi Foton Motor Co (600166.SS). A senior executive at the firm’s investment arm declined to comment. (Reporting by Fang Yan, Editing by Jacqueline Wong)

Ash

Ash came to China at 18 on a whim and never left. Some 10 years later he collected a degree and a family along the way and now focuses his time on watching the Chinese car industry develop. He has witnessed the market change from being minor backyard market in to the world's biggest and most important market for all car manufacturers. You can contact or connect with him via Linkedin by clicking the 'Website' link.

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