Shanghai Auto completes $2.4 bln restructuring

Newswire

SHANGHAI, Dec 20 (Reuters) - Shanghai Automotive Co. Ltd., said on Wednesday it had completed a $2.4 billion restructuring, transforming itself into the largest domestically listed auto maker. Under a plan unveiled in July, SAIC Motor Corp, the country's top car maker, transferred key operations to its unit Shanghai Auto in exchange for 19.09 billion yuan of new shares in the unit, securing a fund-raising channel to aid the group's global expansion. Shanghai Auto now has a market value ...

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