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BAIC says has acquired some Saab assets
(Agencies)
Updated: 2009-12-14 17:32
China's Beijing Automotive Industry Holding Corp (BAIC) said on Monday it had acquired some assets of General Motors' Saab unit.
Under the agreement, state-run BAIC would take over intellectual property for Saab's 9-5 and 9-3 platforms and some equipment to make these models.
"The deal is an important milestone in BAIC's cooperation with Saab. It has also laid a fairly good foundation for the two sides to further explore win-win cooperation," BAIC said in a statement.
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BAIC, China's fifth-largest automaker, is joining Geely Automobile group and others in chasing Western brands to take advantage of a steep global industry downturn.
In the statement, BAIC did not disclose the size of the Saab deal. Sources said that BAIC had obtained a 20 billion yuan ($2.93 billion) line of credit from the Bank of China.
