Morning NewsBMW Takes Control of China Venture, Sees Big Profit Gains
Bayerische Motoren Werke AG (+2.7%) said it has taken majority control of its Chinese joint venture, securing its grip on its operations in the world’s biggest auto market. Under the deal, effective Friday, BMW said it is paying 3.7 billion euros, equivalent to $4.2 billion, to raise its stake in BMW Brilliance Automotive Ltd. to 75% from 50%, a move it flagged in 2018. BMW’s partner, Brilliance China Automotive Holdings Ltd., will retain 25% of the venture.