“Geely, Goldman in $250 million convertible bond deal talks - Reuters” plus 4 more

Geely, Goldman in $250 million convertible bond deal talks - Reuters
Workers at CAMI Approve New Contract - CNW Group
Government offers 10 million loan to help electric car maker - PublicTechnology.net
UPDATE 1-Geely, Goldman in $250 mln conv bond deal talks-sources - Forbes
Geely, Goldman in $250 mln conv bond deal talks-sources - Forbes

Geely, Goldman in $250 million convertible bond deal talks - Reuters

Posted: 20 Sep 2009 11:01 PM PDT

SHANGHAI/HONG KONG (Reuters) - An investment arm of Goldman Sachs Group (GS.N) is in talks with China's biggest privately-owned car maker Geely Automotive (0175.HK) to buy about $250 million of the company's convertible bonds and warrants, two sources said.

"The two sides have basically agreed on the investment in Geely already, but have yet to work out some technical details," one source with direct knowledge of the deal told Reuters.

Geely, whose parent is eyeing Ford's (F.N) Swedish car brand Volvo, plans to use the proceeds to boost its production capacity, including adding 150,000 units of new annual capacity in the central province of Hunan, which is now producing 50,000 units per year, said the source.

It will also buy auto-related assets from its parent, Geely Holding Group Co, said the source.

Geely said earlier this month its parent was considering a bid for Volvo with a local government-backed investment firm.

Its executive director Lawrence Ang later told Reuters the bonds and warrants were not related to Volvo.

Geely and Goldman officials declined to comment.

(Reporting by Fany Yan and Alison Leung; Editing by Jacqueline Wong)

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Workers at CAMI Approve New Contract - CNW Group

Posted: 20 Sep 2009 12:24 PM PDT

LONDON , ON, Sept. 20 /CNW/ - CAW Local 88 members employed at CAMI in Ingersoll, Ontario have ratified a new contract by nearly two thirds.

Production workers approved the contract by 61 per cent, while Skilled Trades workers ratified the deal by 89 per cent.

"Our members recognized the importance of long term stability, and although no one wanted these contract changes, I believe stability is what we achieved with this new agreement," said Mike Van Boekel, CAMI Chairperson.

The new three year agreement is similar to those reached at both Chrysler and General Motors earlier this past spring in that it freezes wages and pensions, trims benefits, introduces a monthly health care contribution and reduces break times. The agreement also reduces the traditional two year lag between CAMI and General Motors and puts in place base wage parity with GM, for the first time ever. Much of the agreement will come into effect in September 2010 , following the expiration of the existing agreement.

A crucial part of this agreement was the commitment of a replacement product for the Chevrolet Equinox and GMC Terrain in 2014, said CAW President Ken Lewenza . "While these contract changes are difficult for our members, I hope they will help usher in a decade of prosperity for the CAMI facility, which will guarantee good jobs well into the future."

The union is still in negotiations with Ford Motor Company. As of last week, Ford was still refusing to make a commitment to a manufacturing footprint, as was accomplished at Chrysler, General Motors and now CAMI.

"This agreement with CAMI should serve as model for our negotiations with Ford, who must understand that only with a fair commitment to maintaining manufacturing in Canada can painful contract changes be possible."

For further information: please call CAW National Representative Keith Osborne (cell) (416) 560-8112, CAMI Chairperson Mike Van Boekel (cell) (519) 421-6584 or CAW Communications Director Shannon Devine (cell) (416) 302-1699

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Government offers 10 million loan to help electric car maker - PublicTechnology.net

Posted: 20 Sep 2009 10:54 PM PDT

The government has announced a 10M loan to Tata Motors European Technical Centre (TMETC) under the Automotive Assistance Programme (AAP) set up to support investment in a lower carbon future for the industry.

The 10M from Government will support 25M of investment from Tata Motors to develop and manufacture electric vehicles in the UK. The award of the AAP loan is a tangible demonstration of the UK governments commitment to the development of low-carbon vehicles and to the reduction of C02 emissions. The scheme is intended to support companies as they invest in greener products and processes, and this first award under the scheme demonstrates the UK government and industry working together for a lower carbon future.

Business Secretary Lord Mandelson said:
The government is determined to help the car industry to exploit fully the opportunities offered by green manufacturing. Today we are backing Tata as Tata backs Britain.

This loan will strengthen our electric vehicle manufacturing expertise, securing and creating high value engineering jobs in the West Midlands. TMETC will continue to invest in R&D in the next generation of sustainable transport, helping it become a lead player in this exciting and important technological area.

Tata Motors has developed a 4-seater Electric Vehicle, based on the Tata Indica Vista passenger car which was launched in India last year. The Indica Vista electric vehicle has a range of up to 200km and a top speed of 104kph (electronically limited) and will be in production before the end of 2009.

The Automotive Assistance Programme opened in March 2009 to support investment in lower carbon products and production by automotive companies.

Tata Motors European Technical Centre (TMETC), a wholly owned subsidiary of Tata Motors, was established by Tata Motors in September 2005 and is located in the UK West Midlands. The centre is engaged in advanced automotive technology and vehicle product development and employs circa 180 people, including some of the most experienced and talented automotive engineers in Europe.

TMETC is one of a consortium of companies in the West Midlands participating in the Governments Low Carbon Vehicle Demonstrator programme, the biggest of its kind and accelerate the availability of innovative low carbon cars to consumers.

The loan is subject to agreement on detailed terms and conditions.

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UPDATE 1-Geely, Goldman in $250 mln conv bond deal talks-sources - Forbes

Posted: 20 Sep 2009 11:23 PM PDT

SHANGHAI/HONG KONG, Sept 21 (Reuters) - An investment arm of Goldman Sachs Group is in talks with China's biggest privately-owned car maker Geely Automotive to buy about $250 million of the company's convertible bonds and warrants, two sources said.

'The two sides have basically agreed on the investment in Geely already, but have yet to work out some technical details,' one source with direct knowledge of the deal told Reuters.

Article Controls

Geely, whose parent is eyeing Ford's Swedish car brand Volvo, plans to use the proceeds to boost its production capacity, including adding 150,000 units of new annual capacity in the central province of Hunan, which is now producing 50,000 units per year, said the source.

It will also buy auto-related assets from its parent, Geely Holding Group Co, said the source.

Geely said earlier this month its parent was considering a bid for Volvo with a local government-backed investment firm.

Its executive director Lawrence Ang later told Reuters the bonds and warrants were not related to Volvo.

Geely and Goldman officials declined to comment.

(Reporting by Fany Yan and Alison Leung; Editing by Jacqueline Wong)

((alison.leung@thomsonreuters.com; +852 2843 6369; Reuters Messaging: alison.leung.reuters.com@reuters.net)) Keywords: GEELY/

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Geely, Goldman in $250 mln conv bond deal talks-sources - Forbes

Posted: 20 Sep 2009 11:01 PM PDT

Geely, whose parent is eyeing Ford's Swedish car brand Volvo, aimed to use the proceeds to boost its carmaking capacity, a source close to the Chinese car maker told Reuters on Monday.

Article Controls

Geely plans to use the proceeds to add new car and parts plants and to buy auto-related assets from its parent, Geely Holding Group Co, said the source.

Geely and Goldman officials declined to comment.

(Reporting by Fany Yan and Alison Leung; Editing by Chris Lewis)

((alison.leung@thomsonreuters.com; +852 2843 6369; Reuters Messaging: alison.leung.reuters.com@reuters.net)) Keywords: GEELY/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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