UPDATE 2-China's biggest auto tie-up valued at $171.6 mln

Newswire

(adds FAW-Toyota cooperation, analyst comment) By Tiffany Wu SHANGHAI, Aug 29 (Reuters) - China's top auto group, FAW, will take a controlling stake in the country's fourth largest car maker for 1.42 billion yuan ($171.6 million) in a landmark merger aimed at fending off increasing foreign competition. The tie-up, first announced in June, also helps cement a budding partnership between the Chinese firms and Japan's largest automaker, Toyota Motor Corp , analysts said. Compact car ...

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