Mitsubishi, China Motor Bus may join forces to bid for Southeast Motor

Mitsubishi and China Motor Bus from Taiwan may join the bid to buy Southeast Motor after the Chinese automaker recorded doubled sales and output in 2009, according to the Oriental Morning Post.

The Fujian-based automaker sold 85,354 vehicles in 2009, up 103.6 percent year-on-year.

Mitsubishi and China Motor Bus have the preemptive right to purchase shares in Southeast Motor because they are some of the Chinese automaker's shareholders, reported the Oriental Morning Post citing an anonymous source last Sunday.

Currently Mitsubishi and China Motor Bus each hold a 25 percent stake in Southeast Motor respectively. Mitsubushi also owns 18 percent of China Motor Bus.

However, Beijing Automobile Works and Guangzhou Automobile Group are still in talks with Fujian Motor Industry Group (FMIG) about restructuring Southeast Motor.

FMIG owns 50 percent of Southeast Motor.

Agencies and Shi Jierui contributed to this story