Date
21 October 2017

Wanxiang wins bidding for Fisker Automotive, report says

Chinese auto parts manufacturer Wanxiang Group is said to have won the bidding for the assets of bankrupt US hybrid sports car maker Fisker Automotive, with a US$149.2 million offer, the National Business Daily reported Monday. The winning bid involves US$126.2 million in cash, US$8 million in assumed liabilities, and some other contribution, the report said. Wanxiang outbid Hong Kong billionaire Richard Li, chairman of PCCW Ltd. (0008.HK), after 19 rounds of bidding, it said. Li is said to have tabled an initial bid of US$55 million.

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EL/AC/RC

 

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