Chinese auto parts firm wins bid for Fisker

Wanxiang Group, China’s largest auto parts firm, won an auction for the assets of luxury plug-in hybrid cars maker Fisker Automotive, Reuters reported. Wanxiang’s bid has been valued at about US$149.2 million, representing US$126.2 million of cash, US$8 million of assumed liabilities and a contribution of common equity in an affiliate designated by Wanxiang, Fisker said in a statement on Friday. Richard Li, a Hong Kong billionaire and Fisker investor, had presented an initial bid of around US$55 million, sources said. There were 19 rounds of bidding.