Fisker Said to Weigh Bids From Suitors Including Dongfeng
February 15, 2013
by David Welch & Zijing Wu
Fisker Automotive Inc., the U.S. plug-in hybrid carmaker seeking a buyer, is weighing several bids, including a $350 million offer from Dongfeng Motor Corp. that would give the Chinese carmaker majority control, said people with knowledge of the matter.
Dongfeng, based in Wuhan, China, would gain 85 percent of Fisker under the terms of its bid, said one of the people, who asked not to be named because the process is private. Fisker had sought bids by Feb. 6, according to that person.
Teaming up with Dongfeng could help Anaheim, California- based Fisker solidify its turnaround and give it the funds to pay back loans from the U.S. government. The maker of the Karma luxury rechargeable-car had to halt production last year after battery supplier A123 Systems Inc. filed for bankruptcy, and said last week that it would begin making vehicles again “fairly soon.”
Fisker, led by Chief Executive Officer Tony Posawatz, said in December that it was working with Evercore Partners Inc. to find potential investors or partners. Without a partner or a buyer by midyear, Fisker may face a cash crunch, a person familiar with the matter said last month. Posawatz once served as vehicle line director for the Volt.
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