China's Foton in private placement, alliance agreement with DaimlerChrysler |
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Published
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Tue, 16 Jan 2007 04:36
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BEIJING (XFN-ASIA) - Commercial vehicle maker Beiqi Foton Motor Co Ltd (SHA 600166) said it has signed a deal to issue 297 mln new A-shares to DaimlerChrysler AG and a separate tie-up agreement on truck production and sales.Foton said in a statement that its shareholders have approved the transaction, which is priced at 2.75 yuan per share and worth 817 mln yuan.Beiqi Foton announced the private placement plan in November. DaimlerChrysler is expected to become the second largest shareholder of Beiqi Foton on completion of the transaction with a 24 pct stake.Foton said it also signed a preliminary tieup deal covering certain medium- and heavy-duty truck projects with DaimlerChrysler to 'sharpen the competitive edge of its current product lineup ... and increase its profitability.'The two partners will also consider a distribution role for Beiqi Foton for Mercedes Benz trucks in China and for Foton to export light-duty trucks via DaimlerChrysler's overseas sales network.The deals are still subject to approval by the Ministry of Commerce, Beiqi Foton added.(1 usd = 7.8 yuan)derek.jiang@xinhuafinance.com
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China Minsheng Banking 3.5 bln shr private placement approved 