BAIC to acquire Guangzhou Baolong

Source: Global Times
[08:28 August 19 2010]
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Beijing Automotive Industry Holding Co (BAIC) said Wednesday it had agreed to take over smaller rival Guangzhou Baolong, securing a foothold in the competitive southern China market.

BAIC, a partner of Daimler and Hyundai, will also invest 5 billion yuan ($736.06 million) to expand Guangzhou Baolong's existing plant in southern China and to add a new plant, the company said in a statement.

Global Times — Reuters