China: Shanghai Automotive Buys Nanjing Auto

.fullpost { display: inline; } State-owned Shanghai Automotive Industry Corp. (SAIC) has come to an agreement with Yuejin Motor Group (also state-owned…) to buy its Nanjing Automobile’s auto-assembly and component-making businesses. The deal, which is valued at 2.1 billion Yuan or approximately $286 million, will set Shanghai as one of the biggest players in China’s booming auto-industry.

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