Dongfeng offers 45% stake in truck unit
Print Edition
DONGFENG Motor Group has put up for sale on the Shanghai United Assets and Equity Exchange a 45 percent stake in its commercial vehicle company for 5.51 billion yuan (US$891.5 million), with the offer price to stand until August 25.
The deal is expected to finalize the company’s joint venture plans with Volvo.
Under a strategic partnership formed last year, Dongfeng and Volvo agreed to operate Dongfeng Commercial Vehicles on a 55-45 ownership basis. The new venture, which received regulatory approval earlier this year, will produce Dongfeng-branded medium- and heavy-duty trucks, chassis, engines and gearboxes. It will be based in Dongfeng’s hometown of Shiyan, Hubei Province.
On completion of the deal, which in earlier reports was valued at 5.6 billion yuan, Volvo will become the world’s largest manufacturer of heavy-duty trucks.
Dongfeng Commercial holds a dominant position in China’s truck sector, with sales of its National IV emission standard approved vehicles accounting for 28 percent of the market in the first half of this year.
In the same period, the company booked 910 million yuan in profit on revenue of 19.6 billion yuan.
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