DAIMLERCHRYSLER APPROVED TO BUY 24% STAKE IN BEIQI FOTON
AsiaInfo Services, January, 2007
AsiaInfo Services 01-24-2007 DaimlerChrysler Approved to Buy 24% Stake in Beiqi Foton BEIJING, Jan 24, 2007 (SinoCast via COMTEX) -- DaimlerChrysler AG announced that it gained approval from Chinese regulators to buy a 24 percent stake in Beiqi Foton Motor Co., Ltd. (SHSE: 600166). The world's fifth biggest automaker plans to supply modern commercial vehicle models like trucks and vans to Beiqi Foton under the wing of Beijing Automotive Industry Corp.
These models are expected to be sold in the Chinese market. Beiqi Foton mainly manufactures trucks and SUVs for the domestic market now. DaimlerChrysler aims to edge into China's medium- and heavy-duty truck markets through the deal worth roughly USD 100 million. Earlier, it has teamed up with Beijing...
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