China-based car parts conglomerate Wanxiang has sweetened its bid for failed US electric car maker Fisker Automotive in a battle with its rival suitor, Hong Kong-based firm Hybrid Technology.
Fisker Automotive
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Hollywood actor Leonardo DiCaprio has invested an undisclosed amount in Monaco-based electric car startup Venturi Automobiles and co-founded a new electric racing team which will compete in the Formula E series next September.
The following bids, mergers, acquisitions and disposals were reported on Monday including Greece banking, Fiat, BOFA, Mechel, Saputo, RBS, Lohmann, Carlyle Group, Monte dei Paschi di Siena, Kuwait Airways, Dubai Holding, SunEdison, Blackstone, Greece National Bank, IMG Worldwide, KKR, Babcock, AMR, Orrick, BAC and Fisker Automotive.
The Department of Energy will lose about USD139 million on a loan given to Fisker Automotive under a clean vehicles program after the automaker sold part of the loan to Hybrid Technology.
Fisker Automotive Inc filed for bankruptcy and plans for its assets to be acquired by Hybrid Technology. The group included Richard Li, the son of Hong Kong's richest man.
The Department of Energy loan given to the now floundering Fisker was bought out by an investment firm headed by Richard Li.
BAIC Group stated that it is planning to buy assets from Fisker Automotive Inc. to enhance its own electric vehicle development.
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