No discussion of stake sale in China BMW joint venture - Shenyang document (updated)

Brilliance China Automotive Holdings

18/01/2024 11:36

(Adds context)
       BERLIN, Jan 18 (Reuters) - BMW's partner in China has no
plans to sell its stake in their joint venture, a document seen
by Reuters on Thursday showed, contradicting media reports
earlier this week.
    "Our company and Brilliance China have never talked about
the sale of Brilliance China's 25% stake in BMW Brilliance
Automotive," said the letter from Shenyang Automotive Company to
BMW  BMWG.DE  dated Jan. 16.
    "Therefore, the information published by some domestic and
foreign media is false," it added.
    Bloomberg News reported on Monday that Brilliance China's
biggest shareholder was considering options to raise funds,
including selling the investment company's 25% stake in the
joint venture with BMW. 
    Brilliance China and the Shenyang government, which owns
Shenyang Automotive, were not able to be reached for comments
after business hours in China. 
    Last August, creditors and a Chinese court approved a
restructuring plan for the state-owned Shenyang Automotive to
fully take over Brilliance Auto Group Holdings, the bankrupted
shareholder of Brilliance China. 
    

 (Reporting by Reporting by Christina Amann
Writing by Madeline Chambers
Editing by Sabine Wollrab, Miranda Murray, Elaine Hardcastle)
 ((Madeline.Chambers@thomsonreuters.com; +4930220133578;))