BERLIN (Reuters) -BMW’s partner in China has no plans to sell its stake in their joint venture, a document seen by Reuters on Thursday showed, contradicting media reports earlier this week.
“Our company and Brilliance China have never talked about the sale of Brilliance China’s 25% stake in BMW Brilliance Automotive,” said the letter from Shenyang Automotive Company to BMW dated Jan. 16.
“Therefore, the information published by some domestic and foreign media is false,” it added.
Bloomberg News reported on Monday that Brilliance China’s biggest shareholder was considering options to raise funds, including selling the investment company’s 25% stake in the joint venture with BMW.
Brilliance China and the Shenyang government, which owns Shenyang Automotive, were not able to be reached for comments after business hours in China.
Last August, creditors and a Chinese court approved a restructuring plan for the state-owned Shenyang Automotive to fully take over Brilliance Auto Group Holdings, the bankrupted shareholder of Brilliance China.
(Reporting by Reporting by Christina AmannWriting by Madeline ChambersEditing by Sabine Wollrab, Miranda Murray, Elaine Hardcastle)
