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Brilliance China Auto plunges 30% after BMW takes over JV


HONG KONG: Brilliance China Automotive Holdings Ltd. sank by a record after it agreed to give BMW AG control of their joint venture, diminishing the Chinese carmaker’s exposure to future growth in the world’s largest auto market.

Brilliance fell as much as 30 percent in Hong Kong trading as a slew of brokerages downgraded the automaker after BMW said Thursday it is increasing its stake in the venture to 75 percent from 50 percent. 

Corporate News , Auto , Markets

   

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