Beijing Automotive Industry Holding Corp acquires Saab assets

China's Beijing Automotive Industry Holding Corp (BAIC) said on Monday it had acquired some assets of General Motors' Saab unit.

Under the agreement, state-run BAIC would take over intellectual property for Saab's 9-5 and 9-3 platforms, and some equipment to make these models.

"The deal is an important milestone in BAIC's cooperation with Saab. It has also laid a fairly good foundation for the two sides to further explore a win-win cooperation," BAIC said in a statement.

BAIC will get support from Saab as it uses the acquired technologies to manufacture its own-brand models, it added.

BAIC, China's fifth-largest automaker, is joining Geely Automobile group and others in chasing Western brands to take advantage of a steep global industry downturn.

In the statement, BAIC did not disclose the size of the Saab deal. Sources said last week BAIC had obtained a 20-billion-yuan ($2.93 billion) line of credit from the Bank of China. ($1=6.828 Yuan)