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GAC approved to buyout Changfeng for group listing

Feb. 2, 2012 (China Knowledge) - Guangzhou Automobile Group Co Ltd<2238> or GAC has received approval from the China Securities Regulatory Commission to acquire Shanghai-listed Hunan Changfeng Motors Co Ltd<600991> by issuing equity for group listing on the China's A share market.

According to the plans, GAC will issue 1.6 shares in exchange of one Changfeng Motors share, as each GAC A-share is valued at RMB 9.09, while each Changfeng Motors H-share is valued at RMB 14.55.  
If shareholders of Changfeng Motors do not want to receive GAC shares, GAC will pay RMB 12.65 in cash to acquire one Changfeng Motors share, said a person familiar with the matter.

GAC noted it will launch a joint venture with Japan-based Mitsubishi Motors Corp as soon as Hong Kong-listed GAC entered the A share market.  

In the first half of 2011, GAC, the Chinese partner of Japan-based Honda Motor and Toyota Motor, earned RMB 1.72 billion in net profit, reflecting a year-on-year decline of 26% from RMB 2.31 billion. GAC saw revenue for the period also slide by 4.3% from a year earlier to RMB 27.64 billion, as Japanese earthquake resulted in supply shortage of auto components.

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