GAC to Acquire 50% Stake in FAW Toyota as China's Auto Industry Consolidates

By Jiahui HuangChina's Guangzhou Automobile Group said it would acquire a 50% stake in FAW Toyota from FAW Group, in a deal where FAW would become GAC's second-largest shareholder as automakers look to collaborate amid intense competition at home.GAC said in a statement late Monday that it signed a…