Letter of intent signed between SAIC and NAC1st August 2007
On 27th July, 2007, Shanghai Automotive Industry Corporation and Yuejin
Motor Corperation had signed the letter of intent, showing both sides
are willing to cooperate together and poll resource and assets to avoid
competition. (NAC is a subsidiary of Yuejin Motor Corporation, similar
to the way MG Rover was under Phoenix Consortium.)
According to the letter of intent, SAIC and Yuejin Motor will the adhere to the principle of a comprehensive cooperation, establishing a joint task force to investigate possible programmes and cooperation in the fields of vehicles, car parts, car sales and services, and the task of reorganising the relevant assets, to bring about the integration between SAIC and NAC. This act is supported by the provincial governments of the respective companies. Source: http://www.nanqi.com.cn/docc/news/ne...p?auto_id=1994 English Source: http://www.china.org.cn/english/business/218894.htm Article Last Updated 26th April 2009
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