• Most Popular
  • Most Shared

SAIC group plans to inject parts assets into Bashi

Sun Jun 15, 2008 10:37pm EDT

Stocks

   

SHANGHAI, June 16 (Reuters) - SAIC group, China's biggest auto conglomerate, is proceeding with a plan to inject its auto parts assets into Shanghai Bashi Industrial (Group) Co (600741.SS), the bus service provider said on Monday.

Shanghai Bashi said earlier this month it would divest its public transport assets and become a stock market listing vehicle for the parent of SAIC Motor Corp (600104.SS).

SAIC group is now drafting a plan to inject its parts assets into Shanghai Bashi, it said in a statement on Monday.

In late 2006, SAIC group injected major car making assets into SAIC Motor Corp through a $2.4 billion deal, including its stakes in ventures with General Motors GM.N and Volkswagen AG (VOWG.DE).

Shanghai Bashi's A-shares, traded in Shanghai jumped its daily limit to 8.5 yuan when it last traded on May 15. ($1=6.901 Yuan) (Reporting by Fang Yan, Editing by Jacqueline Wong)



More from Reuters

Photo

U.S. probing if al Qaeda linked to airplane incident

WASHINGTON (Reuters) - The United States is investigating whether al Qaeda was involved in a Christmas Day attempt to blow up a passenger jet, but there is no early evidence the Nigerian suspect in the case was part of a larger plot, the U.S. homeland security chief said on Sunday. | Video

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets