Saab deal

General Motors Co is pressing ahead with plans to shut down Saab as chances of a deal to sell the Swedish brand to Dutch sports car builder Spyker Cars remain remote, a person familiar with the planning said on Thursday. GM has not changed the plans it announced Friday to begin winding down Saab's operations in January and it has started discussions with other interested parties as part of that process, the person said. Spyker Chief Executive Victor Muller told Reuters on Thursday that his company was still in talks with the US automaker about an acquisition of Saab. He said earlier this week that a final outcome would not happen until next week. 'We are still in discussions,' Muller told Reuters in a text message. Separately, Dutch billionaire John de Mol said through his investment company Talpa that he was not involved in backing a possible purchase of Saab. 'Apparently there are parties that like to name someone such as De Mol to—unjustly— strengthen their position in the takeover battle,' Talpa said in a statement. The question of how Spyker would fund an acquisition of Saab is seen as the major hurdle to a deal before the month-end deadline set by GM Chairman and CEO Ed Whitacre for a decision on the fate of the 60-year-old car brand. A tentative deal to sell Saab to Swedish supercar maker Koenigsegg collapsed in late November in part because of problems with financing. De Mol is the second Dutch billionaire this week who denied an involvement in financing a Saab deal. Dutch newspaper De Telegraaf cited Dutch billionaire Marcel Boekhoorn as a backer earlier this week, but he denied his involvement. Swedish news website E24 said that board members at Saab had a short conference via telephone with GM representatives in the United States to discuss plans for the closure of Saab.

Japan will buy Mexican power plant

Japan's Mitsui and Tokyo Gas is buying five power stations in Mexico for more than $1.2 billion from Spain's Gas Natural, the two companies said Thursday. 'Gas Natural today (Thursday) signed an agreement with the companies Mitsui & Co and Tokyo Gas to sell some of its assets for electricity generation in Mexico,' Barcelona- based Gas Natural said in a statement. The transaction is expected to be completed next year, it said. The total value of the assets 'is around $1.225 billion,' Gas Natural said, adding that it would receive an additional $240 million from the two companies in the form of debt repayments. The assets include five gas-fired power stations and a pipeline company. The power plants included in the deal have a total generation capacity of 2,233 megawatts and were bought by Gas Natural in 2007 from France's EDF. They were then valued at $1.448 billion. Mitsui and Tokyo Gas said in a joint statement that the deal would boost Mitsui's worldwide generating capacity to 5,558 megawatts and make it 'one of the largest independent power producers in the Mexican power market.' As part of the transaction Mitsui will establish an asset management company in Mexico 'to expand its power business throughout the Americas' and manage the new electricity generations assets, the statement added.

Toyota Motors recalling 43000 in China

Japan's Toyota Motor Corp is recalling about 43, 000 cars in China due to a defect that may cause engine oil to leak, a company spokesman said Friday. The recall affects four models, the Lexus ES 350, the Lexus RX 350, the Highlander sports utility vehicle and the Previa minivan, said the spokesman, Yuta Kaga. It comes just months after Toyota announced its biggest ever recall in China, affecting about 6, 88,000 vehicles, due to a defect in the electric window system. Toyota's reputation for quality has been dented recently by a series of recalls or safety issues, including a fatal accident in California involving an accelerator pedal that jammed under the floor mat.