China's Guangzhou Automobile has reached an initial agreement with Hunan Changfeng Motor Co to take a major stake, possibly up to 30 percent, in the Chinese sport utility vehicle maker, a source with knowledge of the matter said on Tuesday.
The deal would make Guangzhou Auto the largest shareholder of Changfeng, which has a market capitalisation of 5.78 billion yuan ($846.7 million) and is partly owned by Japan's Mitsubishi M 1869901682 Guangzhou Auto operates car manufacturing ventures with Toyota Motor and Honda Motor.
The antecedent said final agreement of the accord had yet to be formed out but Guangzhou Auto's pale in Changfeng was absurd to beat 30 percent. Changfeng is currently 50.98 percent endemic by its ancestor group, the antecedent added.
Changfeng's shares were abeyant from barter on Tuesday awaiting advertisement of a above restructuring deal.
Mitsubishi Motors, which owns 14.59 percent of Changfeng, will abide a above actor afterwards the restructuring deal, the antecedent added.
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