BMW Gaines Control Of Its Chine Joint Venture

Automotive news reports BMW said it will take majority control of its main China joint venture for $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. BMW will lift its stake in its venture with Brilliance China Automotive Holdings to 75 percent from 50 percent, with the deal closing in 2022 when rules capping foreign ownership for all auto ventures are lifted.