China’s Baoneng to Invest $1 billion for a Controlling Stake in Car Maker Qoros
The Chinese conglomerate has agreed to infuse cash into the struggling automaker. Qoros was founded in 2007 by Israel-based Kenon Holdings and Chinese Wuhu Chery
Golan Hazani | 16:05 21.12.2017
Chinese conglomerate Baoneng Group has agreed to invest almost $1 billion for a controlling stake in Qoros Automotive Co. Ltd., a car manufacturer founded in 2007 as a joint venture between Israeli billionaire Idan Ofer’s Kenon Holdings Ltd. and China-based Wuhu Chery Automobile Investment Company Ltd., Kenon announced on Thursday.
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Kenon had announced the potential investment in June without disclosing the identity of the investor. The deal still requires approval from regulators and from Qoros’ lenders, Kenon said in a statement.
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