-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photos
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In-Depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels and Food
-
Special Report
-
Yes Teens!
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
Focus
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food and Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
SAIC terminates deal to buy stake in CAR
    2020-07-21  08:53    Shenzhen Daily

SAIC Motor Corp., China’s biggest automaker, has terminated an agreement to acquire a stake in troubled car-rental company CAR Inc.

SAIC Motor HK Investment, a wholly-owned unit of SAIC, decided to end the deal after disagreements emerged in negotiations over the transfer of equity, the Shanghai-listed carmaker said yesterday.

SAIC Motor HK and two substantial shareholders of CAR, China’s largest car-rental company, had signed a preliminary deal, in which SAIC Motor HK agreed to take a 28.92 percent stake in CAR for about HK$1.90 billion (US$245.0 million).

Proceeds from the sale will be used to repay CAR debt, CAR said early this month. CAR said SAIC Motor HK intends to pay HK$3.10 for each CAR share, about a 23 percent premium to the stock’s last traded price. It said the deals are still under negotiation and subject to regulatory approvals.

Hong Kong-listed CAR shares have fallen sharply this year amid troubles at Luckin Coffee Inc., a cafe operator chaired by CAR’s former chairman Lu Zhengyao.

The former chairman, who controls UCAR, resigned from his position at CAR last month. Luckin Coffee disclosed in April that employees fabricated much of its 2019 sales figures, raising investor concerns about CAR’s operations.

(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010-2020, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@126.com