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Article: China : Changan Automobile To Take Over AVIC Auto Assets.
- Article from:
- TendersInfo
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
Changan Automobile Group Co. said Tuesday it will take over several automobile companies now owned by state-owned conglomerate Aviation Industry Corp. of China in a restructuring that could indicate the long-awaited consolidation of China's highly fragmented automobile sector is gaining momentum.
AVIC will get a 23% stake in Changan Automobile in exchange for Harbin HF Automobile Industry Group Co., Jiangxi Changhe Auto Co. (600372.SH), and Harbin Dongan Auto Engine Co. (600178.SH), as well as Chinese joint ventures with Suzuki Motor Corp. (7269.TO) and Mitsubishi Motors Corp. (7211.TO), Changan Automobile said in a statement.
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