GAC shares jump on FAW tie-up plans amid Beijing drive for car industry mergers
China’s efficiency push gains traction, with deal seen as a precedent for cross-regional consolidation, analysts say
GAC planned to acquire part of FAW’s equity in a joint venture vehicle manufacturer through a share issuance and raise supporting funds, the Guangzhou-based carmaker said in an exchange filing on Monday night, after a full-day trading halt.
Upon completion, the unlisted FAW would become GAC’s second-largest shareholder with strategic influence, with the controlling owner remaining unchanged, it added.
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