China’s largest car parts group is poised to take over Fisker Automotive.
The Wanxiang Corporation has been selected as the preferred bidder for the bankrupt American firm in a deal worth around $149m.
Wanxiang emerged as the front runner as boss Lu Guanqiu faced Hong Kong telecoms chief Richard Li in 19 rounds of bidding in New York. A judge will be asked to ratify the decision on Tuesday, according to the FT.
The FT said the winning bid is worth $149m (£88.8m) with $126m (£75m) in cash and $8m (£4.7m) in assumed liabilities. Equity will also be injected into a Wanxiang affiliate company which will assume ownership of Fisker, which until 2012 built the Karma.Read Article