Anhui Looks to Trade Control of Chery for $3 Billion
Cash-strapped state-owned automaker Chery Automobile Co. Ltd. is looking for strategic investors to buy a controlling stake in the company for at least 20 billion yuan ($3.1 billion), sources told Caixin.
The deal, which is expected to be sealed in June, will see the Anhui provincial government relinquish its control over the company — although it will retain veto powers to ensure the company does not move operations out of the East China province.
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