> Industrial News > News   SAIC to Sign Agt This Month on Purchasing NAC   Shanghai Automotive Industry Corporation (SAIC) will sign an agreement with Nanjing Automotive (Group) Corporation (NAC) at the end of this month at earliest on buying total assets of NAC, according to insiders. “We may sign an agreement in Beijing late in this month. We have laid aside our earlier plan to found a plant in Oklahoma and been waiting for the completion of the incorporation,” NAC spokesman Ningsheng Liu says. After SAIC publicized the “Letter of Intent on Comprehensive Cooperation between SAIC and Yuejin Motor” on July 27, SAIC’s progress of integrating NAC has drawn to a close. The integration form is not clear yet, but two schemes are surmised by insiders. One scheme is that, shareholders of NAC obtain corresponding stock rights of SAIC after capital of NAC is infused into SAIC. The other scheme is that, both companies establish a joint venture with either side operating self-owned brands. Comment: By September 2007, there are 82 automotive brands and 47 automakers in the China market and 47 and 15 respectively in the US market. The integration between SAIC and NAC is inevitable and certain to change the pattern of the Chinese automotive industry.   Time:2007-12-24 Source:NaviForum Shanghai News Center Relative