California dealership Lamborghini Newport Beach marketing director Cedric Davy clarified that its sale of a Tesla Motors Inc. Model S electric car via Bitcoin did not mean the company is in the business of speculation.
Automotive
General Motors names first female CEO
General Motors Co. has named Mary Barra as new chief executive officer a day after the US government exited its final shares of GM. Barra will replace GM CEO Dan Akerson who is retiring on January 15.
Tomkins taps Goldman Sachs to advise on sale or IPO
Tomkins Ltd. has began the process for an exit deal that could bring in at least USD6 billion to the British manufacturer. It reportedly hired Goldman Sachs Group to advise on its proposed sale or listing.
Volvo to divest its machine rental business to Platinum Equity for USD1.1 billion
Volvo AB has entered into a definitive agreement to divest its construction-equipment rental business Volvo Rents to Platinum Equity in a SEK7.2 billion or USD1.1 billion debt sale deal.
No decision yet on GM Holden's exit in Australia
General Motors Co has not yet arrived at a decision on whether to exit manufacturing in Australia but said government help would be needed for its long-term survival.
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American private equity firm Jordan Company has put up for sale its chemical management business Haas Group International. Sources estimated that the deal could be valued in between USD500 million to USD700 million.
Private equity firm KKR agrees to a restructuring deal for Germany-based car repair chain Auto-Teil Unger or ATU through a debt-for-equity swap with the latter's main creditors.
The Chinese government on Thursday cleared the USD1.3 billion car-making joint venture between Dongfeng Motor Group and France's Renault. Under the deal, the two companies will manufacture 150,000 multi-purpose vehicles annually.
General Motors (GM) is investing USD11 million to build a new source of energy for its Fort Wayne Assembly Plant, a move that will save the company USD5 million a year.
A source told Reuters that hedge fund Hayman Capital has acquired a stake in General Motors and believes that the stock price of the automaker will soar once the US Treasury has exited its remaining stake in the firm.
General Motors Corporation LLC is looking to put up for sale the last of its holdings in Ally Financial Inc. via a private placement. Ally, GM's financing arm, is reportedly eyeing an initial public offering.
Malaysian conglomerate Sime Darby Bhd announced that it has agreed to purchase a 70% stake in Australian car dealer Brisbane BMW Unit Trust and LMM Holdings Pty Ltd for AUD22.7 million (USD20.75 million).
After more than two years since it filed for bankruptcy due to lack of cash and halting production, Swedish car automaker Saab AB via its parent company National Electric Vehicle Sweden (NEV) AB started making cars today.
Stockholm-based private equity firm Cevian Capital on Monday announced its acquisition of 25 million A-shares in truck manufacturer Volvo. The purchase brought Cevian's ownership to 68.7 million A-shares and 29.8 million B-shares.
