The automaker dance card - 2009
The automaker dance cards were full in 2009, with many producers just looking to survive. Other companies in China and India though had a one-time opportunity to acquire technology worth billions for a fraction of the cost it took to develop. Here’s a look at the year in review:
March 18 - BAIC said to want U.S. auto parts maker Delphi Corp’s DPHIQ.PK non-core assets.
June 3 - Little-known heavy machinery maker Sichuan Tengzhong Heavy Industrial Machinery unveils tentative deal to buy GM’s Hummer.
June 11 - BAIC interested in Ford’s (F.N) Volvo car unit, a newspaper says.
July 6 - Italian automaker Fiat (FIA.MI) agrees to 50:50 joint venture with Guangzhou Automobile Industry Group Co Ltd GAIGPA.UL to produce car engines in China.
July 23 - GM rejects BAIC bid for its Opel brand; keeps talking to rival bidders.
Aug 1 - BAIC will pay up to $117 million for a 40 percent stake in Fujian Motor Industry Group’s 50:50 commercial vehicle venture with Daimler (DAIGn.DE) in southeast China.
Aug 30 - China’s Geely Automobile Holdings Ltd (0175.HK) is sole bidder for Ford’s Volvo unit, a Swedish business daily reports.
Sept 9 - Geely says its parent wants to bid for Volvo, with privately-held Geely Holding Group seeking full ownership.
Sept 9 - BAIC agrees to take minority stake in Koenigsegg as part of the Swedish firm’s purchase of Saab.
Sept 15 - Cash-strapped South Korean automaker Ssangyong Motor (003620.KS) proposes capital writedown that would slash the stake of SAIC, its majority Chinese shareholder.
Sept 15 - Volvo Car CEO says Geely denied preparing a bid.
Sept 16 - Geely shares suspended pending $250 million bond and warrant issue. Geely says not related to Volvo. Geely announces on September 23 that Goldman Sachs will invest $334 million.
Sept 17 - Geely approaches Magna International about possible stake in Opel; Magna refrains for now from any such partnership as negotiations with GM to buy the unit continue.
Oct 9 - GM signs deal to sell Hummer to an investment partnership headed by China’s Tengzhong.
Oct 12 - Tengzhong seeks regulatory approval for Hummer buy, aims to close purchase by early 2010.
Oct 28 - Ford chooses Geely as preferred bidder for Volvo. No sale price disclosed, but media reports put it closer to $2 billion than the $6.5 billion Ford paid for Volvo in 1999.
Nov 3 - GM opts to keep Opel.
Nov 24 - Koenigsegg pulls out of talks to buy Saab.
Nov 30 - BAIC says may still be interested in buying Saab after Koenigsegg talks collapse.
Dec 4 - GM and SAIC to set up 50:50 JV to make small cars and commercial vehicles in India. GM also to sell 1 percent stake in existing China JV with SAIC to its partner, giving SAIC control.
Dec 7 - GM in talks with BAIC about a partial sale of Saab assets, including tooling and technology.
Dec 14 - BAIC buys Saab assets, including intellectual property for its 9-5 and 9-3 sedans as part of a push to develop its own-brand cars
Dec 22 - Sources say Ford is making headway in Volvo sale talks with Geely and will announce progress in a statement during the week
Dec 23 - BAIC says it will launch an aggressive campaign to develop its brand both at home and overseas after buying Saab technology
– Ford says it has settled all substantive commercial terms for its sale of Volvo to Geely, and expects the deal to close in the second quarter of 2010.