Shanghai Auto, Nanjing Auto plan tie-up

Newswire

SHANGHAI, July 27 (Reuters) - In a step toward creating a Chinese auto giant, Shanghai Automotive Co. , the country's largest car maker, said on Friday it planned to tie up with Nanjing Automobile Group, owner of the MG sports car brand. The parent groups of the two companies signed a letter of intent to discuss ways of achieving a "complete union" between the firms through business cooperation and restructuring, Shanghai Auto said in a brief statement. It stressed that much uncertainty ...

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