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TIMELINE:China car makers eye global brands

Published: 08 Sep 2009 23:02:24 PST

Sept 9 - China's Geely Automotive said its parent wants to bid for Ford's Volvo Car Corp, becoming the latest Chinese firm to chase a foreign carmaker during a global industry overhaul.

Major Chinese automakers, including Beijing Automotive Industry Holding Corp, have attempted overseas acquisitions in recent years with mixed results.

Chery Automobile, Hunan Changfeng Motors Co and others have held initial talks with European or U.S. auto brands but refrained from firm commitments.

Following is a TIMELINE tracing some proposed, failed or ongoing deals reported this year:

March 18 - Beijing Automotive is said to be seeking to buy U.S. auto parts maker Delphi Corp's non-core assets, 21st Century Business Herald reports.

June 3 - Little-known heavy machinery maker Sichuan Tengzhong Heavy Industrial Machinery unveils tentative deal to buy GM's Hummer. The deal is part of an attempt by GM to drop four unprofitable vehicle lines and exit bankruptcy. China's state media runs lengthy commentaries predicting it may be blocked as it runs against Beijing's policies to promote small, clean cars.

June 11 - Beijing Automotive is interested in buying Ford Motor Co's Volvo car unit, Wall Street Journal reports.

July 6 - Italian auto maker Fiat agrees to a 50:50 joint venture deal with Guangzhou Automobile Industry Group Co Ltd to produce car engines in China.

July 23 - GM rejects Beijing Auto bid for its Opel brand, the Financial Times reports, in favour of continuing talks with Canadian parts supplier Magna International and RHJ International, a Brussels-listed investment group. Beijing Auto, the Chinese partner of Daimler AG and South Korea's Hyundai Motor Co, was said to be the highest bidder in the Opel auction.

Aug 1 - Beijing Auto will pay $103-$117 million for a 40 percent stake in Fujian Motor Industry Group's 50:50 commercial vehicle venture with Daimler in southeast China, an official newspaper says. Beijing Auto, which already makes Mercedes-Benz cars in partnership with Daimler in China, still needs Chinese government approval for the deal.

Aug 30 - Geely is the only firm bidder so far for Volvo Car units, a Swedish business daily reports.

Sept 8 - SAIC Motor may take a passive stake in Saab Automobile by teaming up with luxury sports car maker Koenigsegg, a source says. SAIC, a GM China partner, is interested in buying into the Swedish carmaker.

Sept 9 - Geely says its parent wants to bid for Volvo Car Corp. The privately-held parent, Geely Holding Group, would seek full ownership of Volvo.


Source: Reuters

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