(Reuters) - Shanghai Automotive Co. said on Friday that parent groups of the two companies had signed a letter of intent to discuss ways of achieving a "complete union" between the firms through business cooperation and restructuring.
China's central government and local authorities are pushing the tie-up as a way to build Shanghai Auto into a comprehensive auto maker that can compete with European, Japanese and U.S. giants at home and eventually overseas, industry sources and analysts said.
Read more at Reuters.com Business News
China's central government and local authorities are pushing the tie-up as a way to build Shanghai Auto into a comprehensive auto maker that can compete with European, Japanese and U.S. giants at home and eventually overseas, industry sources and analysts said.
Read more at Reuters.com Business News
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