State-owned steel company buys Delphi auto parts

    | BY

    clpstaff &clp articles

    Chinese state-owned steel company Capital Iron & Steel Company (known as Shougang) has successfully acquired Delphi Corporation's global suspension…

    Chinese state-owned steel company Capital Iron & Steel Company (known as Shougang) has successfully acquired Delphi Corporation's global suspension and brakes business for almost US$90 million.

    The acquisition was made through BeijingWest Industries, a joint venture between Shougang and two other PRC- and Hong Kong-based companies. Delphi is the US-based former automobile parts subsidiary of General Motors. It entered Chapter 11 bankruptcy protection in 2005; in September 2009, the Ministry of Commerce approved GM's re-acquisition of some of its assets.

    This premium content is reserved for
    China Law & Practice Subscribers.

    • A database of over 3,000 essential documents including key PRC legislation translated into English
    • A choice of newsletters to alert you to changes affecting your business including sector specific updates
    • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
    For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]