FAW Wins China Approval For Purchase Of Tianjin Automotive

Autoparts Report, Sept 16, 2002

China compact car maker Tianjin Automotive Xiali Co. said it has received government approval for the transfer of a controlling stake in Tianjin to FAW Group Corp. from Tianjin's previous parent.

FAW Group Corp. in June signed an agreement with Tianjin Automotive Industry Corp. to buy a controlling 50.98 percent stake in Tianjin Automotive Xiali for $171.6 million. Tianjin Automotive Industry still has a 33.99 percent stake.