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China: Wanxiang pays six-fold for bankrupt auto rival

 |  February 17, 2014

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

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