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Timeline: China carmakers eye global brands
(Agencies)
Updated: 2010-03-27 17:08
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US carmaker Ford Motor Co?looks set to sign the deal to sell its Swedish Volvo unit to China's Geely on Sunday, in what would be the largest-ever purchase of a foreign automaker by a Chinese counterpart.
Following is a TIMELINE tracing some of the proposed, failed or ongoing deals between Western carmakers and Chinese companies reported over the last year:
June 3, 2009 - Little-known heavy machinery maker Sichuan Tengzhong Heavy Industrial Machinery unveils tentative deal to buy GM's Hummer.
July 6, 2009 - Italian automaker Fiat?agrees to 50:50 joint venture with Guangzhou Automobile Industry Group Co Ltd to produce car engines in China.
July 23, 2009 - GM rejects bid from Beijing Automotive Industry Holding Corp (BAIC) for its Opel brand; keeps talking to rival bidders.
Aug 30, 2009 - The parent of China's Geely Automobile Holdings Ltd is sole bidder for Ford's Volvo unit, a Swedish business daily reports.
Sept 9, 2009 - BAIC agrees to take minority stake in Koenigsegg as part of the Swedish firm's bid to purchase GM's Saab.
Sept 17, 2009 - Geely approaches Magna International about a possible stake in Opel; Magna refrains for now from any such partnership as negotiations with GM to buy the unit continue.
Oct 9, 2009 - GM signs deal to sell Hummer to an investment partnership headed by China's Tengzhong.
Oct 12, 2009 - Tengzhong seeks regulatory approval for Hummer buy, aims to close deal by early 2010.
Oct 28, 2009 - Ford chooses Geely as preferred bidder for Volvo. Media reports put sale price closer to $2 billion than the $6.5 billion Ford paid for Volvo in 1999.
Nov 3, 2009 - GM opts to keep Opel.
Nov 24, 2009 - Koenigsegg pulls out of talks to buy Saab.
Nov 30, 2009 - BAIC says may still be interested in buying Saab after Koenigsegg talks collapse.
Dec 7, 2009 - GM in talks with BAIC about a partial sale of Saab assets, including tooling and technology.
Dec 14, 2009 - BAIC buys Saab assets, including intellectual property for its 9-5 and 9-3 sedans.
Dec 22, 2009 - Sources say Ford is making headway in Volvo sale talks with Geely
Dec 23, 2009 - BAIC says it will launch an aggressive campaign to develop its brand both at home and overseas after buying Saab technology.
Dec 23, 2009 -- Ford says it has settled all substantive commercial terms for its sale of Volvo to Geely, and expects the deal to close in the second quarter of 2010.
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Jan 26, 2010 -- Geely to nearly double Volvo's annual global output with a new factory in Beijing as part of its plan to pull Volvo out of the red by 2011, a source tells Reuters.
Feb 24, 2010 -- Beijing rejects Tengzhong's bid to buy Hummer, prompting GM to say it will wind down the brand.
March 23, 2010 -- Geely says its talks to buy Volvo are on track and it expects to sign an agreement in about a week, ahead of a March 31 deadline.
