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BMW to gain control of China venture in milestone deal

BMW's Krueger with local Communist party secretary Chen Qiufa at a ceremony to mark the strategic contract signing.
NS
By:
Norihiko Shirouzu
October 11, 2018 05:00 AM

SHENYANG -- BMW said it will take majority control of its main China joint venture for 3.6 billion euros ($4.2 billion), the first such move by a global automaker as Beijing starts to relax ownership rules for the world's biggest auto market.

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