Volkswagen will be gaining a 50 per cent stake of JAG as well as an increase of shares within JAC Volkswagen with the newly signed agreement.
VW to Take Over Majority Stake in JAC Joint Venture
Following the cooperation intention formed at the end of May 2020, an investment agreement was signed on 11th June between Anhui Jianghuai Automobile Group Holdings Limited (JAG), the parent company of JAC Motors and Volkswagen (China) Investment Co., Ltd and the government of Anhui Province to further firm up the cooperation.
The newly signed agreement foresees Volkswagen gaining a 50 per cent stake of JAG as well as an increase of shares within JAC Volkswagen, its joint venture for e-mobility, from 50 per cent to 75 percent, thereby gaining management control. The investment is amounted to approximately 1 billion Euro, and the parties intend to close the deal by the end of year, subject to customary regulatory approvals…..
Are you enjoying reading this article. Click here to read more…