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Monday, February 10, 2014

Fisker bidder taps former Ford exec to bolster management, (NYSE: F)

A Hong Kong bidder for Fisker Automotive has hired former Ford Motor Co executive Martin Leach in anticipation of possibly winning Wednesday's bankruptcy auction for the assets of the defunct maker of a plug-in hybrid sports car. Leach, the former president of Ford's European business, will give added heft to the management of Hybrid Tech Holding LLC, which will square off against a Chinese auto parts company in this week's auction."I've been working with them for months on a business plan and they have very clear intentions," Leach told Reuters.California-based Fisker filed for bankruptcy protection in November. It has not produced its signature Karma sports car since 2012 due to a series of technical glitches and a cash shortage.Hybrid, an affiliate of Hong Kong businessman Richard Li, has offered $55 million for Fisker, while a unit of Wanxiang Group has made an initial bid worth around $35 million.

Ford Motor Company (Ford) is a producer of automobiles. Shares of F fell by 0.77% or $-0.115/share to $14.86. In the past year, the shares have traded as low as $12.10 and as high as $18.02. On average, 44805500 shares of F exchange hands on a given day and today's volume is recorded at 12653170.