BRIEF-Renault confirms new deal with Brilliance China Automotive quoting : "Fox Business"

John Max

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The deal forms part of an agreement to create a new joint venture with Brilliance China Automotive Holdings Limited. Renault said it would buy the 49 percent equity stake in Shenyang Brilliance JinBei (SBJ) from Brilliance China Automotive, with SBJ restructured into a joint venture company 51-percent owned by Brilliance China and 49-percent by Renault. Renault facebook/" target="_blank">shares were up 0.2 percent in early session trading, outperforming a 0.1 percent decline on France's blue-chip CAC-40 index and a flat STOXX Europe 600 autos index. Raindrops cover the logo of French car manufacturer Renault on a automobile seen in Paris, France, January 14, 2016. REUTERS/Christian Hartmann/File PhotoPARIS Shares in French carmaker Renault edged up on Wednesday after Renault struck a deal to buy a 49 percent stake in Shenyang Brilliance JinBei Automobile company as part of its move to boost sales in China of light commercial vehicles.

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Brilliance China Automotive to Sell 49% Stake in Shenyang Brilliance JinBei Automobile to Renault

Brilliance China Automotive to Sell 49% Stake in Shenyang Brilliance JinBei Automobile to Renault

Brilliance China Automotive Holdings Ltd. (1114.HK) said Wednesday it has agreed to sell 49% stake in Shenyang Brilliance JinBei Automobile Co. Ltd. to an international multibrand group Renault SAS. Shenyang Brilliance JinBei Automobile, which manufactures minibuses and automotive components in China, posted net loss for both 2015 and 2016, it said. Continue Reading BelowAfter the deal, Renault will become Brilliance China Automotive's joint venture partner in the light commercial vehicles (LCV) segment in China, the Hong Kong-listed company said. in France for 1 yuan, marking a 'crucial strategic move' to turn around its existing minibus operation. Write to Chester Yung at chester.yung@wsj.com(END) Dow Jones NewswiresJuly 04, 2017 22:16 ET (02:16 GMT)

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