China's Geely to buy 34.02% of Renault's Korean unit for $207 million
May 10, 2022, 12:17:54 PM
Chinese automaker Geely has signed an agreement to acquire 34.02% of Renault's South Korean unit for 264 billion won ($207 million).
Geely Automobile Holdings Limited (0175.HK, Geely Auto) disclosed in a HKEX filing on Tuesday that it has signed a share subscription agreement with French carmaker Groupe Renault.
Renault currently holds an 80.1% stake in its Korean unit Renault Korea Motors, while Samsung subsidiary Samsung Card holds 19.9%.
Upon completion of the transaction, Geely Auto will hold a 34.02% stake in Renault Korea Motors, Renault's South Korean subsidiary, through its wholly-owned subsidiary Centurion Industries Limited CIL).
Renault rewill remain the majority shareholder, Renault Korea Motors will continue to be consolidated by its parent company.
Geely and Renault announced in January they will collaborate to launch an all-new vehicle lineup of fuel-efficient hybrid electric vehicles (HEVs) and internal combustion engine (ICE) models in South Korea.
- ASIAN TECH PRESS -
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