China auto giant SAIC names banks for IPO - source

Newswire

HONG KONG, July 23 (Reuters) - China's second-largest vehicle maker, Shanghai Automotive Industry Corp. (SAIC), has named three banks to help arrange an overseas IPO, a source familiar with the plan said on Friday -- a deal that could be worth US$2 billion. Shanghai Auto has appointed Deutsche Bank , Merrill Lynch and Morgan Stanley to handle the proposed listing, the source said. SAIC, a Chinese partner of General Motors and Volkswagen AG's Shanghai ventures, plans to list shares in its ...

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