Tencent jams pedal into battered China car market

Yixin

16/09/2019 04:20

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Christopher Beddor
    HONG KONG, Sept 16 (Reuters Breakingviews) - The tech giant
and others have made a roughly $1.2 bln offer for comparison
site Bitauto. That will in turn mean bidding for online retailer
Yixin, which the target part-owns. It’s a cheap bet that may
bring benefits in payments; acceleration will still require an
auto recovery.
    Full view will be published shortly.
    On Twitter https://twitter.com/cbeddor
    
    CONTEXT NEWS
    - Tencent Holdings and private equity partner Hammer Capital
have offered $16 per share in cash to take the New York-listed
Bitauto Holdings private, the Chinese car comparison site
announced on Sept. 13. The offer represents a 16.4% premium to
the stock’s closing price on Sept. 12.
    - For previous columns by the author, Reuters customers can
click on  BEDDOR/ 
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Bitauto Holdings announcement    https://www.prnewswire.com/news-releases/bitauto-announces-receipt-of-preliminary-non-binding-going-private-proposal-300917744.html
Tencent bids for Chinese car site Bitauto with JD's backing   
 urn:newsml:reuters.com:*:nL3N26420I
BREAKINGVIEWS-Tencent is stuck in a losing battle with Beijing  
  urn:newsml:reuters.com:*:nL3N25O0M2
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Clara Ferreira Marques and Katrina Hamlin)
 ((christopher.beddor@thomsonreuters.com; Reuters Messaging:
christopher.beddor.thomsonreuters.com@reuters.net))