China Grand Automotive buys controlling stake in Baoxin Auto

Grand Baoxin Auto

11/12/2015 09:27

BEIJING, Dec 11 (Reuters) - Auto dealership China Grand 
Automotive Services  600297.SS  purchased a controlling stake in 
rival Baoxin Auto Group  1293.HK  for HK$8.2 billion ($1.06 
billion), Baoxin disclosed to the Hong Kong Stock Exchange. 
    The disclosure states that the share purchase occurred on 
Dec. 4. China Grand is the country's largest auto dealership 
group, while Baoxin is the biggest dealer of BMW  BMWG.DE  brand 
cars. 
 ($1 = 7.7500 Hong Kong dollars) 
 
 (Reporting by Jake Spring; Editing by Gopakumar Warrier) 
 ((jake.spring@thomsonreuters.com; +86 10 66271032; Reuters 
Messaging: jake.spring.thomsonreuters.com@reuters.net / Twitter: 
@jakespring)) 
 
Keywords: BAOXIN AUTO GRP M&A/GRAND AUTOMOTIVE