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State-owned Chinese automaker FAW Group is looking at acquiring BMW’s main Chinese partner Brilliance China Automotive Holdings Ltd for about $7.2 billion in a two-stage deal.
Brilliance’s top shareholder Huachen Automotive Group is on the brink of bankruptcy, having defaulted on $1 billion in debt obligations late last year.
Under discussion is FAW's purchase of 30.43 percent of Brilliance owned by Huachen and the 11.89 percent belonging to state-controlled Liaoning Provincial Transportation Investment Group.
FAW would then make a mandatory bid for the rest of Brilliance’s shares.
FAW is considering offering about HK$11 per share for both stages of the deal, representing a 70 percent premium to its HK$6.48 average price over the past month.
Brilliance shares soared by as much as a quarter in value following the news.
To conduct the deal, FAW is looking at setting up an offshore investment vehicle and is inviting other investors to participate.
Brilliance and BMW have 50-50 joint venture, BMW Brilliance Automotive, which accounts for almost all of Brilliance’s profits. BMW plans to boost its stake by another 25 percent in the venture for 3.6 billion euros next year to take control of the venture.
FAW partners with Volkswagen AG and Toyota Motor Corp to build passenger vehicles in China. It also makes heavy-duty trucks under the FAW brand.
