Shareholders approve Shanghai Auto restructuring

Newswire

SHANGHAI, Aug 29 (Reuters) - SAIC Motor Corp,. China's biggest car maker, said on Tuesday it had won shareholders' approval to sell key assets to its listed subsidiary in a deal worth 19.1 billion yuan ($2.4 billion). Assets including SAIC's stakes in its ventures with General Motors and Volkswagen AG will be transferred to Shanghai Automotive Co. Ltd. . In return, Shanghai Auto will issue 3.28 billion new shares to its parent at a price of 5.82 yuan each. Key terms of the deal, which ...

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