Salem Radio Network News Wednesday, May 18, 2022

Business

China’s Geely to buy 34% stake in Renault Korea for $207 million

(Reuters) – China’s Geely Automobile Holdings on Tuesday agreed to acquire around 34% of Renault Korea Motors, a unit of French carmaker Renault Group, for 264 billion won ($207.16 million), to expand into the country’s electric vehicles market.

Renault Korea Motors will issue 45.4 million shares for 5,818 won per share to Geely’s unit Centurion Industries Limited.

($1 = 1,274.3600 won)

(Reporting by Savyata Mishra in Bengaluru; editing by Uttaresh.V)

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