US court OKs Beijing West buying of Delphi assets

Published: 25 Jun 2009 21:51:52 PST

Shanghai, June 25 (Gasgoo.com) Beijing West Industries has signed a deal with Delphi Corp. to buy the U.S. company's a non-core assets - suspension and brake units, intellectual property rights, and production line, said China Business News today.

The acquisition deal has passed review by a U.S. bankruptcy court, whose approval order reached Beijing West on June 21, the company told reporters. Transaction of the $100 million assets from Delphi to Beijing West is expected to close on November 1, 2009.

Beijing West was established on March 30 with a registered capital of 800 million yuan ($117.1 mln). The company is owned by two Chinese companies and Beijing city government which has a 25% stake. Auto-parts supplier Tempo Group acquired a 24% stake in the Delphi business, and Beijing's steelmaker Shougang owned 51%.

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