Chinese car maker Beijing Automotive Industry Holding Corp. said on Wednesday it was reassessing the situation after a consortium it belonged to dropped a bid to buy General Motors' Saab unit.
In a statement, BAIC reaffirmed its commitment to become a more global autos maker, and analysts said BAIC may bid alone for some Saab assets, but was unlikely to try for the whole company.
China's relatively cash-rich automakers have shown an increasing interest in overseas purchases, looking to pick up global brands and technology at bargain prices as the world's auto industry undergoes a major retrenchment.
The following timeline traces some proposed, failed or ongoing deals reported this year as the Chinese chased Volvo, Opel, Saab and Hummer.
• March 18 -- BAIC seeks to buy U.S. auto parts maker Delphi Corp.'s non-core assets, according to 21st Century Business Herald.
• June 3 -- Little-known Sichuan Tengzhong Heavy Industrial Machinery unveils tentative deal to buy GM's loss-making Hummer brand.
• July 23 -- GM rejects BAIC bid for its Opel brand, in favor of continuing talks with rival bidders. BAIC, the Chinese partner of Daimler AG and Hyundai Motor Co., was said to be the highest bidder in the Opel auction.
• Aug. 30 -- China's Geely Automobile Holdings Ltd. is the only bidder for Volvo, according to Swedish reports.
• Sept. 8 -- SAIC Motor, a GM China partner, may take a passive stake in Saab by teaming up to bid with luxury sports car maker Koenigsegg.
• Sept. 9 -- Geely says its privately-held parent wants to bid for Volvo, seeking full ownership.
• Sept. 9 -- BAIC agrees to take a minority stake in Koenigsegg as part of the Swedish carmaker's pursuit of Saab.
• Sept. 15 -- Cash-strapped South Korean automaker Ssangyong Motor proposes a capital writedown that would slash SAIC's stake, its majority Chinese shareholder.
• Sept. 17 -- Geely approaches Magna International about taking a stake in Opel.
• Sept. 23 -- Geely announces that Goldman Sachs will invest $334 million in the automaker.
• Oct. 9 -- GM agrees to sell Hummer to an investment partnership headed by Tengzhong.
• Oct. 12 -- Tengzhong says it aims to close Hummer purchase by early 2010, seeking regulatory approval.
• Oct. 28 -- Ford chooses Geely as preferred bidder for Volvo. No price disclosed, but media reports put it at around $2 billion. Ford had paid $6.45 billion for Volvo in 1999.
• Nov. 24 -- Koenigsegg-led offer for Saab collapses, threatening the 60-year-old Swedish auto brand with closure.