China’s Brilliance makes decent looking cars compared to its local rivals, and a lot of the good work comes from the famous Italian design house Pininfarina. The former loves Pininfarina’s designs so much that they’ve […]
4 February 2021 1:14 pm / 0 comments
Chinese automaker FAW Group is reportedly looking at purchasing Brilliance China Automotive Holdings for about US$7.2 billion (RM29.2 billion),
Reuters reports. The potential acquisition of BMW’s main partner in China by FAW comes at a time when Brilliance’s top shareholder, Huachen Automotive Group, is on the brink of bankruptcy, having defaulted on 6.5 billion yuan (RM4.08 billion) in debt obligations late last year.
Sources told the news agency that the purchase would be a two-stage deal, in which FAW would first purchase 30.43% of Brilliance owned by Huachen as well as the 11.89% stake held by the state-controlled Liaoning Provincial Transportation Investment Group, before making a mandatory bid for the rest of Brilliance’s shares.
China s FAW considers acquiring BMW partner Brilliance for about $7B, report says
Reuters
BMW wants take control of its joint venture in China with Brilliance.
FAW Group is looking at acquiring Brilliance China Automotive Holdings for about $7.2 billion in a two-stage deal that would see BMW s main Chinese partner taken private, two people with direct knowledge of the matter told Reuters.
The potential acquisition by state-owned FAW, China s No. 2 automaker, comes at a time when Brilliance s top shareholder Huachen Automotive Group is on the brink of bankruptcy, having defaulted on 6.5 billion yuan ($1 billion) in debt obligations late last year.
Under plans being discussed, FAW would first purchase 30.43 percent of Brilliance owned by Huachen and 11.89 percent held by the state-controlled Liaoning Provincial Transportation Investment Group, said the sources.
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