UPDATE 1-China's biggest auto tie-up valued at $171.6 mln

Newswire

(add details) SHANGHAI, Aug 29 (Reuters) - Tianjin Automotive Xiali Co said on Thursday its parent would sell a controlling stake in the listed company to China's largest car maker, First Automotive Works (FAW), for 1.42 billion yuan ($171.6 million). The parent, Tianjin Automotive Industry Corp, signed an agreement with FAW on Monday to sell 50.98 percent of Tianjin Xiali, the listed company said in a statement published in the official Securities Times. The 739.29 million state-owned ...

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