Volkswagen to Take 20% Stake in Chinese Battery Maker Guoxuan, Reuters Reports

Date : 01/17/2020 @ 6:10AM
Source : Dow Jones News
Stock : Volkswagen AG (VOW)
Quote : 168.15  -2.3 (-1.35%) @ 4:35PM
Volkswagen share price Chart

Volkswagen to Take 20% Stake in Chinese Battery Maker Guoxuan, Reuters Reports

Volkswagen (XE:VOW)
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--Volkswagen plans to acquire a 20% stake in Chinese battery maker Guoxuan High-Tech Co. Ltd. via a discounted private share placement in the coming weeks, Reuters reports, citing two unnamed sources with knowledge of the matter.

--The purchase of the stake, worth about $560 million based on Guoxuan's current market capitalization, would make Volkswagen the company's second-largest shareholder.

--The deal has largely been finalized but the two companies are awaiting new rules in China on private share placements, Reuters reports.

 

Full story: https://reut.rs/30t1rMh

 

Write to Singapore editors at singaporeeditors@dowjones.com

 

(END) Dow Jones Newswires

January 17, 2020 00:55 ET (05:55 GMT)

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