Sichuan Bohong Industry has signed an agreement to acquire Wescast Industries (WCS.A.TSE) for roughly US$13.73 per share, in a deal that values the Canadian auto parts maker at about US$81 million, Reuters reported. Bohong, an industrial conglomerate that does business in autos, manufacturing, real estate and new energy, has already completed due diligence and made a US$2 million good-faith deposit on the purchase. To complete the acquisition, the Chinese company will need to secure committed financing from the China Development Bank. In a written statement, Bohong’s chief executive said the company believes the acquisition will help both Bohong and China’s auto industry reach a new platform in servicing global customers. Westcast, the world’s leading supplier of cast iron exhaust manifolds for passenger cars and light trucks, supplies markets in North America, Europe, Asia, Africa, South America and Australia.