Volkswagen raises its China JV stake to 49 pct-paper

Newswire

BEIJING, July 25 (Reuters) - Volkswagen AG has reached agreement with partner FAW Group to increase its holding in their car venture to 49 percent from 40 percent, the Chinese Business News said on Monday. FAW's holding in the venture has now been cut down to 51 percent from 60 percent, the newspaper said without citing any specific source. Volkswagen's spokesman in China could not be reached immediately for comment. Foreign automakers are required to team up with a local partner in ...

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