Shanghai Electric to sell Shanghai Diesel stake

Newswire

SHANGHAI, Sept 27 (Reuters) - Shanghai Electric Group Co Ltd has signed a preliminary agreement to sell its 50.32 percent stake in Shanghai Diesel Engine Co Ltd to Shanghai Automotive Industry Corp (Group) (SAIC). A letter of intent on the transfer was signed in Shanghai on Wednesday, Shanghai Diesel said in a statement. The price of the stake has yet to be discussed, it said. After the acquisition, SAIC may transfer the Shanghai Diesel stake to one of its units, said Shanghai Automotive ...

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