March 28, 2009 / 3:42 AM / in 9 years

China's Geely to pay up to $40 mln in DSI purchase

HONG KONG, March 28 (Reuters) - Chinese car maker Geely Automobile Holdings (0175.HK) will pay up to about A$58 million ($40.22 million) for its acquisition of Australian automatic transmission supplier Drivetrain Systems International (DSI).

Geely will pay around A$47.4 million in cash for DSI, but may factor in other unspecified costs such as debt and other final financial considerations, the fast-growing mid-sized Chinese car maker said in a stock filing late on Friday.

    The auto maker had earlier on Friday announced its acquisition of DSI, but had not provided financial details of the transaction. [ID:nSHA73531]

    Geely, which is trying to shake off its image as a purveyor of low-priced cars, is one of several ambitious Chinese automakers keen on expanding into developed markets. ($1=1.442 Australian Dollar) (Reporting by Rafael Nam; Editing by Ben Tan)

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