Reuters exclusively reported that state-owned FAW Group is looking at acquiring BMW’s main Chinese partner, Brilliance China Automotive Holdings, for about $7.2 billion and take it private in a two-stage deal. Under plans being discussed, FAW would first purchase 30.43% of Brilliance, owned by Huachen and 11.89% held by the state-controlled Liaoning Provincial Transportation Investment Group, sources told Reuters. It would then make a mandatory bid for the rest of Brilliance’s shares. FAW is considering offering about HK$11 per share for both stages of the deal, representing a 70% premium to Brilliance’s average share price over the past month, sources told Reuters.
The post Reuters reveals China’s state-owned FAW to acquire and take private BMW partner Brilliance for $7.2 billion; market reacts appeared first on Reuters News Agency.
