From the Detroit Three to the Beijing Three? Read:
Dongfeng Motor Group Co., China’s third-largest automaker, said it had received proposals from investment banks to buy assets from General Motors Corp. as the U.S. carmaker tries to avoid running out of cash.
“We’ve gotten e-mails and investment materials asking us whether we would be interested in buying some of GM’s assets,” Hu Xindong, head of investor relations, said by phone today. “So far, our management has not yet reviewed the issues and we have not yet responded.” He declined to name the investment banks or the assets. GM said it wasn’t in talks with Dongfeng.
Well, China does have the advantage of having enough cash to keep the best parts of GM above water. But nobody has enough money to keep the entire thing afloat.