Domestic firms eye Delphi

The Beijing municipal government is reportedly organizing local automobile companies to form a consortium to acquire ailing US automobile parts maker Delphi, 21st Century Business Herald reported yesterday.

Beijing Automotive Industry Holding Corp (BAIC) and some local privately owned companies might buy part of the assets of Delphi, it said citing an unnamed insider with knowledge of the development.

Beijing Hainanchuan Automotive Parts Co Ltd, partly owned by the government-backed BAIC and private-owned Tianbao Group, is reportedly involved in the negotiation.