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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