Brilliance China top shareholder may sell stake in BMW JV - Bloomberg News (updated)

Brilliance China Automotive Holdings

15/01/2024 06:27

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4-5)
       Jan 15 (Reuters) - Brilliance China Automotive Holdings'
 1114.HK  biggest shareholder is considering options to raise
funds, including selling the investment company's 25% stake in
Brilliance's joint venture with BMW  BMWG.DE , Bloomberg News
reported on Monday.  
   Many Chinese carmakers, including China FAW Group, have been
involved in the preliminary stake sale talks in the joint
venture BMW Brilliance Automotive, the report said, citing
people familiar with the matter.
        No final decision has been made and there could even be
no transaction, the report said.
  
    BMW paid 3.7 billion euros ($4.06 billion) to take a
majority stake in the Chinese joint venture in 2022, increasing
its stake to 75% from 50%. 
        Brilliance China's parent company, Brilliance Auto Group
Holdings Co, has been 
    undergoing
     a restructuring after the parent company 
    defaulted
     on 6.5 billion yuan ($906.45 million) in debt obligations. 
  
        Brilliance China Automotive Holdings and BMW did not
immediately respond to a request for comment. 
  


($1 = 0.9123 euros)

($1 = 7.1708 Chinese yuan renminbi)

 (Reporting by Chandni Shah in Bengaluru; Editing by Edmund
Klamann and Christian Schmollinger)
 ((Chandni.shah@thomsonreuters.com;))