China SAIC, Nanjing Auto to sign tie-up deal-paper

Newswire

SHANGHAI, Dec 26 (Reuters) - Top Chinese car maker SAIC Motor Corp will sign an agreement to buy the manufacturing assets of smaller rival Nanjing Automobile Group on Wednesday, the Shanghai Securities News said, in a deal worth up to $1.9 billion. SAIC said after the market closed on Tuesday that trade in its shares would be suspended on Wednesday, pending an announcement of "important news". It did not elaborate. The newspaper said SAIC would give Nanjing Auto up to 8 percent of its ...

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