Volkswagen AG is in final talks to seal its largest investment deals with Chinese electric vehicle (EV) firms, two sources said, as the German automaker accelerates its push into the world's largest market for environmentally friendlier cars.
Volkswagen target Anhui Jianghuai, based in the eastern city of Hefei, is fully state owned. It counts its core asset as its 25.23% stake in JAC - formally Anhui Jianghuai Automobile Group Corp Ltd, which has a market value of $1.84 billion.
Shanghai-listed JAC last week said its parent planned to bring in a strategic investor, which will not cause change in its control. Guoxuan has suspended trading of its stock since May 20 and on Tuesday said Zhuhai Guoxuan and Li Zhen would sell part of their holdings to an unidentified strategic investor. It said it will also issue shares to the investor via a private offering.
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