BAIC to purchase some Saab assets

Beijing Automotive Industry Holding Corp. (BAIC) announced Monday it will purchase assets from General Motors' Saab unit for an undisclosed sum, Reuters reported. China's fifth-largest car maker said the acquisition of the intellectual property rights and equipment to make older-model 9-3 and 9-5 sedans will ultimately help it make its own cars. The purchase will provide partial financing for the sale of Saab as a whole and "the deal with Beijing in no way compromises the sale of Saab to a new owner," a Saab spokesperson said. Luxury auto maker Spyker has expressed an interest in purchasing Saab and said that the BAIC deal is good news.