AutomotiveBusiness & FinanceDeals
03 February 2021, 6:35 pm. 1 minute
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.
Shares in Brilliance China Automotive Holdings Ltd rose as much as 25.6%, to their highest level in over five months, after the Reuters report was published.
Topics of Interest: AutomotiveBusiness & FinanceDeals
Type: Reuters Best
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story