China Daily 20 May 2013
In the biggest consolidation in the nation’s fragmented auto industry since 2009, China’s second-largest automaker Dongfeng Motor Corp agreed last week to become a shareholder in Fujian Motor Industry Group Co Ltd.
Dongfeng signed a framework agreement with the Fujian provincial government to acquire shares in the local automaker from its owner, the Fujian State-owned Assets Supervision and Administration Commission.
Dongfeng did not disclose in its official statement how many shares it agreed to acquire or the specific investment amount.
Consolidation as Dongfeng deals for Fujian Motor
