China's Changan Auto to sell PSA Peugeot JV stake for $321 mln

BEIJING Wed Nov 28, 2012 8:48pm EST

BEIJING Nov 29 (Reuters) - China Changan Automobile Group, the parent of Chongqing Changan Automobile Co, is selling its stake in a 50-50 car venture with PSA Peugeot Citroen for 2 billion yuan ($321.17 million), a property exchange said on Thursday.

Chongqing United Asset and Equity Exchange said in a statement posted on its website that Changan Auto was selling its stake via a public auction.

PSA Peugeot has another car venture in China with Dongfeng Motor Group Co.

Changan also makes cars in partnership with Ford Motor and Mazda Motor

($1 = 6.2273 Chinese yuan) (Reporting by Fang Yan in BEIJING and Kazunori Takada in SHANGHAI)

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