Beijing Auto to Build 50-50 Commercial Vehicle Venture with Daimler

English.chinabuses.com:Beijing Automotive Industry Holding Corp will pay 700 million to 800 million yuan ($103-$117 million) for a 40 percent stake in Fujian Motor Industry Group's 50-50 commercial vehicle venture with Daimler AG in southeast China, an official newspaper said on Saturday.

 

Beijing Auto,is still awaiting the Chinese government's approval of the deal, which will leave Fujian Motor with a 10 percent holding in the venture.

 

Daimler's 34 percent stake and China Motor Co's 16 percent stake will remain unchanged.

 

The venture, Fujian Daimler Automotive, was established in June 2007 with annual production capacity of 40,000 units.

 

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