Too soon to gauge Dongfeng on US auto assets
Dongfeng Motor Group Co, China's third-largest automaker, is monitoring the situation of Detroit's troubled automakers, but it is too early to say if it would be interested in buying any U.S. auto assets, a source with direct knowledge of the matter said .
"Like many Chinese automakers, Dongfeng has also been approached by investment banks seeking to sell U.S. auto assets," the source told us.
"The company's management is closely watching the situation in Detroit and has not shown any particular interest in any single auto brands so far."
Ford Motor Co, which owns Volvo, and General Motors Corp, owner of Saab, are looking to sell those units as they seek a multi-billion dollar government bailout.
The source, however, ruled out Dongfeng, a China partner of PSA Peugeot-Citroen , Honda Motor and Nissan Motor, taking over the entire assets of one of Detroit's Big Three automakers, which also include Chrysler LLC.
"Their assets may not be that expensive now, but the cost for an outsider to jump in and turn them around would be formidable," the source added.
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