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BMW To Pay EUR 3.6 Bln To Increase Its Stake In Chinese JV With Brilliance China

(RTTNews) - German auto giant BMW (BMW.L, BAMXF.PK, BAMXY.PK) agreed to pay 3.6 billion euros to increase its stake in a Chinese joint venture with Brilliance China Automotive Holding Ltd.

BMW's stake will increase to 75 percent under the agreement from 50 percent, the company said. The deal is set to close in 2022, when China plans to end its requirement for joint ventures in the auto industry.

BMW is set to be the first foreign car company to take control of its Chinese enterprise under an agreement between China and Germany. While China is opening up the world's biggest car market to global competition, foreign carmakers' ownership in joint ventures has been capped at 50 percent.

BMW said it will start making its first pure electric vehicle in China under the joint venture with Brilliance China by 2020. The model will be sold in China and also exported to other markets.
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