BYD to close purchase of Sanxiang bus firm by Oct

Published: 14 Jul 2009 17:54:24 PST

Shanghai, July 14 (Gasgoo.com) Chinese battery and electric car maker BYD Co plans to complete acquisition of Hunan Sanxiang Bus Group from the Midea Group in a three or four month period, the National Business Daily reports Tuesday.

BYD's sales manager Wang Jianjun said that BYD is in acquisition talks with Sanxiang Bus at the present, but the final price of the deal has not been settled.

Wang added that BYD wants to use the bus company's facilities to build new energy buses, with the first batch of them, totaling 1,000 units, set to be delivered to Shenzhen municipal government.

The Hunan Economic Committee said on its website last week that BYD would pay at least 2 billion yuan ($293 million) to acquire Hunan Sanxiang Bus and use Sanxiang's facilities in Changsha to produce sedans, small vans and components.

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