China’s Wanxiang paid nearly six-times more than what was sought after for US rival Fisker Automotive Holdings in a bidding war that began last Wednesday, say reports.
Wanxiang beat out Hybrid Tech Holdings to acquire Fisker with a $149.2 million bid; reports say the bidding went on for 19 rounds.
Fisker announced the winning bid last Friday as the company awaits approval for the sale form a US bankruptcy judge.
Fisker first filed for bankruptcy last November, originally intending for Hybrid to acquire the company for $25 million.
Now, luxury hybrid carmaker Wanxiang paid a hefty sum for a company reports say could be revived through the acquisition.
Full Content: Auto News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC and State Attorneys General Sue John Deere Over Repair Restrictions in Antitrust Case
Jan 15, 2025 by
CPI
Enbridge Wins Legal Battle Against Ducere’s Antitrust Allegations
Jan 15, 2025 by
CPI
GOP Pushes for Antitrust Authority Consolidation Under DOJ in New Legislation
Jan 15, 2025 by
CPI
Canadian Government Approves Bunge-Viterra Merger with Conditions
Jan 15, 2025 by
CPI
SEC Sues Elon Musk Over Delayed Disclosure of Twitter Stock Ownership
Jan 15, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – CRESSE Insights
Dec 19, 2024 by
CPI
Effective Interoperability in Mobile Ecosystems: EU Competition Law Versus Regulation
Dec 19, 2024 by
Giuseppe Colangelo
The Use of Empirical Evidence in Antitrust: Trends, Challenges, and a Path Forward
Dec 19, 2024 by
Eliana Garces
Some Empirical Evidence on the Role of Presumptions and Evidentiary Standards on Antitrust (Under)Enforcement: Is the EC’s New Communication on Art.102 in the Right Direction?
Dec 19, 2024 by
Yannis Katsoulacos
The EC’s Draft Guidelines on the Application of Article 102 TFEU: An Economic Perspective
Dec 19, 2024 by
Benoit Durand