Chinese Company Becomes Preferred Bidder In $149 Million Fisker Sale

China’s largest car parts group is poised to take over Fisker Automotive. The Wanxiang Corporation has been selected as the preferred bidder for the bankrupt American firm in a deal worth around $149m.

Wanxiang emerged as the front runner as boss Lu Guanqiu faced Hong Kong telecoms chief Richard Li in 19 rounds of bidding in New York. A judge will be asked to ratify the decision on Tuesday, according to the FT.

The FT said the winning bid is worth $149m (£88.8m) with $126m (£75m) in cash and $8m (£4.7m) in assumed liabilities. Equity will also be injected into a Wanxiang affiliate company which will assume ownership of Fisker, which until 2012 built the Karma.
 

HughJass - 2/17/2014 6:07:18 PM

0 Boost

The Chinese will buy it up, use our government subsidized technology and create Tesla clones, then sell them at Hyundai prices to kill off one of our last iconic and leading edge companies.

Good job America, and all you needed to do was trade in your dignity for cheap prices.

Dexter1 - 2/18/2014 10:05:52 AM

+2 Boost

I thought FIsker was dead two years ago [right about the time Justin Bieber got picked up in his chrome abomination.] Why are we still talking about it?