Wanxiang Corporation sets highest bid for Fisker Automotive of $149.2 million

We knew about Fisker Automotive filing for bankruptcy in November 2013 and since then there have been discussions about who will take over this company. Fisker, best known for the plug-in hybrid electric cars, was sentenced to an auctioning process after which, the preferred bidder for the company has been identified as Wanxiang Corporation, China's largest auto parts group.

Lu Guanqiu, head of China's largest auto parts group, went through 19 rounds of bidding and the battle was between him and Richard Li, the Hong Kong telecom tycoon. The result of the auction will be declared tomorrow but Lu's company looks to be the front runner.

The Wanxiang Corporation made a bid worth approximately $149m, with $126m in cash, $8m in assumed liabilities, and equity injected into a Wanxiang affiliate that would take over the carmaker. While the decision is yet to be declared, it looks like Lu's Wanxiang corporation will win the bid.