Dongfeng to buy 45% of Fujian Motor

May 20, 2013 by Joey Wang

Dongfeng to buy 45% of Fujian Motor

In the biggest consolidation in the nation’s fragmented auto industry since 2009, China’s second-largest automaker Dongfeng Motor Corp agreed last week to become a shareholder in Fujian Motor Industry Group Co. Ltd.

Dongfeng signed a framework agreement with the Fujian provincial government to acquire shares in the local automaker from its owner, the Fujian State-owned Assets Supervision and Administration Commission.

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