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BMW to gain control of China venture in 'new era' for foreign...

Germany’s BMW (BMWG.DE) said it will take control of its main China joint venture for 3.6 billion euros ($4.2 billion), the first such move by a global carmaker as Beijing starts to relax ownership rules for the world’s biggest auto market.

The luxury carmaker will boost its stake in its venture with Brilliance China Automotive Holdings Ltd (1114.HK) to 75 percent from 50 percent, with the deal closing in 2022 when rules capping foreign ownership for all auto ventures are lifted.


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