Automotive component supplier Magna International has signed an agreement to take over the Getrag Group, one of the biggest transmission manufacturers, by the end of the year, in a deal worth nearly $2 billion.
China National Tire & Rubber Company, a division of China National Chemical Corporation, is working to buy Italian tire maker Pirelli for $7.7 billion. Shareholders have accepted the offer, but it remains to be seen if the tender offer price of 15 euros per share will be enough.
If you're reading this page, chances are you already appreciate the value of a good car website. But if you needed any further evidence, just look at how much our compatriots at Cars.com are worth: according to Bloomberg, newspaper publishing giant Gannett is paying $1.8 billion to complete its acquisition of the car shopping site.
It looks like Beijing Automotive Industry Holding Corp. (BAIC), which was recently reported to be taking a look at unnamed European automakers for a potential acquisition, has come to this side of the Pond. The latest news is that BAIC is targeting extended-range plug-in vehicle maker Fisker Automotive for a possible buyout, Automotive News China reports, citing various Chinese media sources. BAIC executives visited Fisker's offices in Southern California last week, according to Automotive News
While some hipsters were bummed out by the idea of car rental giant Avis owning quirky car sharing innovator Zipcar, US regulators will probably approve the deal. That's what Reuters found out after conducting an informal poll of nine antitrust experts. While several of them feared loss of the lively upstart business, eight of the nine experts think that US regulators will approve the deal.
Since it opened for business at the turn of the millennium, Spyker Cars has charted an unusual path. Essentially re-inagurating a brand no one had ever heard of in a country not exactly known for automobile production, the Dutch automaker then set about launching its own F1 team. That venture ended up failing, so Spyker pulled another surprise move when it bought Saab from General Motors. And now Spyker is selling its own luxury sportscar business to a British concern.
Consumer car search website AutoTrader.com is now the owner of a brand new (to them) Kelley Blue Book and KBB's CDM Data and CDM Dealer Services. The amount of the transaction hasn't been divulged, but at least on the face of it, it makes perfect sense: once integrated, Kelley's valuation tools will practically be stuck to the pixelated windows of all those used cars of suspect value. KBB will continue as a subsidiary of Auto Trader and remain based in Irvine, California.
Could the Saab endgame – no, the real endgame this time – finally be under way? Bloomberg is reporting that financial terms have been agreed to, in principle, between General Motors and Spyker, and that what remains between the two are sorting out production issues. Beyond that, there are still a couple of catches: Vladimir Antonov, Spyker's Russian backer and company chairman, will reportedly have to leave the company and the Swedish government must agree to guarantee the €400
Should Geely succeed in its bid to purchase Volvo, the Chinese automaker does not plan to spend any time playing in its new Swedish sandbox. Ford moved about 380,000 Volvos around the world last year; Geely wants to sell 2.5 times that amount within five years. How so? By injecting "two or three bigger, more luxurious cars" into the lineup and working its home market of China, which Geely feels could be unlocked for 200,000 vehicles alone. Those units could be supplied by a Chinese factory capab
German coachbuilder Karmann has been in trouble since before the global economy caught its version of the swine flu, and from a workforce of 5,000 the company is down to 1,800. A huge order for VW electric vehicles was meant to keep the company going while it sorted out its issues, but even that won't be enough, so now VW is looking at buying the entire company.
Belgian investment firm RHJ, once considered a back-up bidder for Opel, is now considered a front-runner – at least according to its own CEO. RHJ head Leonhard Fischer has already told U.K. officials that the company is committed to retaining the Vauxhall name, and speaking to German newspaper Handelsblatt, he said he likes his chances in the run for Opel.
Chinese National Radio recently reported that Tengzhong wouldn't be allowed to purchase Hummer due to environmental concerns. The company released a statement after that news broke saying that while there was no "definitive agreement," the CNR report wasn't based on facts from the government regulatory body in question, and Tengzhong is still working on the deal.
Industry analysts widely agree that one of the principal factors preventing Chinese automakers from succeeding outside of China is the local industry's fragmentation, with over 100 automakers vying for their slice of the proverbial pie. However, a merger announced Wednesday between two major Chinese automakers, Shanghai Automotive Industrial Corp (SAIC) and Nanjing Automotive Group, stands a stronger chance of succeeding in the international car market as a larger group.