• Most Popular
  • Most Shared

UPDATE 1-China's Foton says agrees on truck JV with Daimler

Tue Apr 29, 2008 10:01pm EDT

Stocks

   

(Adds background from para 5)

China

SHANGHAI, April 30 (Reuters) - Daimler AG (DAIGn.DE) has reached a preliminary agreement to set up a truck-making joint venture with Beiqi Foton Motor Co (600166.SS) in China, the Chinese company said on Wednesday.

Preparations for setting up the venture, which would make medium- to heavy-duty trucks, are proceeding smoothly, Foton said in a statement.

It did not disclose any financial details or the potential size of the venture.

The companies are also exploring opportunities to form a global partnership, the statement added.

In December, Foton scrapped an 817 million yuan ($117 million) share placement plan with DaimlerChrysler, which would have given its potential partner a 24 percent stake.

Instead, it said it would explore opportunities with Daimler in the medium- to heavy-duty truck sector, including a possible joint venture. ($1=6.984 Yuan) (Reporting by Fang Yan in Shanghai; Editing by Edmund Klamann)

China


More from Reuters

Photo

Obama reaches climate deal with emerging powers

COPENHAGEN (Reuters) - President Barack Obama forged a climate pact with major developing nations including China on Friday but European nations only reluctantly signed up for a deal they criticized as unambitious. | Video

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review