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Pangda to acquire 3 auto sales companies

– by CapitalVue

Pangda Automobile Trade (601258), a distributor of high-end autos such as Audi and Aston Martin in China, said on June 28 that it will fully acquire three companies which are involved in the sales of automobiles, reports yicai.com.

The companies include Yongzhou Hexin Automobile Sales and Services, Hengyang Hexin Automobile Trade, and Hengyang Chang’an Automobile Trade.

According to the report, details regarding the payments for the acquisitions have not been finalized.

It was previously reported that Pangda plans to purchase a 53.9 percent stake in Spyker Cars, the parent of Saab, jointly with Zhejiang Youth Lotus Automobile, for a total of 245 million euros. 

Shares of Pangda dropped 0.85 percent to trade at 29.33 yuan at 14:15 on June 29.

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