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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…
FAW said it will broaden cooperation with Guangzhou Automobile Industry Group to improve operational quality and efficiency, citing a strategic framework signed on Tuesday and linking it to GAC’s plan to acquire a 50% stake in FAW Toyota that will make FAW its second-largest shareholder.
GAC said in a Shanghai Stock Exchange filing it will fund the deal through a share issue priced at 5.75 yuan per share.