Samsung pays $449m for stake in BYD
By Fan Feifei and Sun Ruisheng in Taiyuan | China Daily | Updated: 2016-07-23 08:22
Samsung Electronics Co Ltd bought a 3 billion yuan ($449 million) stake in Chinese electric-car maker BYD Co Ltd, which is backed by US billionaire investor Warren Buffett's Berkshire Hathaway Inc.
Shanghai Samsung Semiconductor purchased 52.26 million BYD shares at 57.4 yuan a share in a private placement that raised 14.5 billion yuan in total, according to a statement issued by BYD on Thursday.
The investment gives the South Korean group a 1.92 percent stake in BYD, making it the ninth biggest investor in the company.
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