Shanghai Auto's $2.4 bln restructuring approved

Newswire

SHANGHAI, Nov 30 (Reuters) - Shanghai Automotive Co. Ltd. said on Thursday it had obtained final regulatory clearance to proceed with a 19.1 billion yuan ($2.4 billion) deal to buy key assets from its parent, SAIC Motor Corp. The China Securities Regulatory Commission has approved a plan for Shanghai Auto to issue 3.28 billion new A-shares to SAIC, China's biggest car maker, at a price of 5.82 yuan each. In return, Shanghai Auto will obtain assets including SAIC's stakes in lucrative ...

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