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China's Changan Auto to acquire AVIC's auto assets

(Agencies)
Updated: 2009-11-10 15:12

The State parent of Chongqing Changan Automobile Co has agreed to take over major auto assets from aircraft maker Aviation Industry Corp of China (AVIC), heeding Beijing's calls to speed up restructuring in the fragmented auto industry.

Under the agreement, Changan Automobile Group, a Ford Motor partner, will take over minivan maker Harbin Hafei Automobile Industry Group and the China ventures of Suzuki Motor Corp and Mitsubishi Motors Corp, People's Daily said.

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State-owned AVIC will get a 23 percent stake in the enlarged Changan Auto Group in exchange for the assets, which also include Harbin Dongan Auto Engine Co and Jiangxi Changhe Automobile Co, the newspaper said.

After the restructuring, Changan Auto Group will have annual auto production capacity of nearly 2 million units, it added.

Shares in the listed companies involved in the asset transfer were suspended from trade before the announcement.

The Changan-AVIC restructuring is the second major auto consolidation move this year after Guangzhou Automobile agreed to take 29 percent of sport utility maker Hunan Changfeng Motor Co in May.