State-Run Conglomerate Buys Dongfeng Motor’s Entire 25% Stake in Kia Joint Venture

A unit of state-run conglomerate Jiangsu Yueda Group Co. Ltd. plans to purchase Dongfeng Motor Group Co. Ltd.’s entire 25% stake in a joint venture (JV) with South Korean automaker Kia Corp. for 297 million yuan ($46.6 million).

Jiangsu Yueda Automobile Group Co. Ltd. will end up with 25% of Dongfeng Yueda Kia Motors Co. Ltd. after the deal is done, joining fellow Yueda Group subsidiary Jiangsu Yueda Investment Co. Ltd. in holding a 25% stake in the JV, according to an exchange filing Wednesday.