HONG KONG/FRANKFURT - Volkswagen AG is exploring purchasing a big stake in its Chinese electric vehicle joint venture partner JAC Motors and has tapped Goldman Sachs as an adviser on the plan, people with direct knowledge of the matter said.
Rival German automaker BMW agreed in October to buy control of its main joint venture in the country for 3.6 billion euros . And Daimler AG also plans to increase its stake in local partner BAIC Motor. Chinese Premier Li Keqiang promised the European Union on Tuesday that Beijing would no longer force foreign companies to share sensitive know-how when operating in China and was ready to discuss new global trading rules on industrial subsidies.
JAC’s parent, Anhui Jianghuai Automobile Group Holding, holds a 24 percent stake and is fully controlled by the local government. JAC is trading at a price-to-book ratio of 0.93, which means VW would have to pay a premium for shares since JAC’s state shareholders cannot sell shares for less than their book value.
FILE PHOTO: Employees work on a production line manufacturing light trucks at a JAC Motors plant in Weifang, Shandong province, China November 30, 2018. REUTERS/Stringer/File Photo
Source: Energy Industry News (energyindustrynews.net)
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