MAN receives approvals to buy 25 pct Sinotruk stakes
Published: 09 Oct 2009 18:37:18 PST Shanghai, October 9 (Gasgoo.com) The German heavy truck maker MAN said that it had received approval from Chinese authorities to acquire a 25 percent stake in China's state-owned truck maker Sinotruk.MAN said that it would pay C560 million ($823 million) to Sinotruk for a 25 percent plus one share stake in the Chinese partner. It added it would raise the cash through a capital increase, but didn't provide more details.
Through the deal MAN will become the company's second-biggest shareholder in Sinotruck, next to its parent China National Heavy Duty Truck Corp, which holding 51 percent.
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