Brazil's Grupo Caoa buys 50 pct of automaker Chery's local operations

From Reuters - November 11, 2017

SAO PAULO, Nov 11 (Reuters) - Grupo Caoa, Hyundais local partner in Brazil, said on Saturday it had bought 50 percent of Chinese automaker Cherys Brazilian operations, according to a written statement.

The statement did not say what the deal was worth.

The Estado de S. Paulo newspaper reported that Caoa had paid $60 million, though it did not say where it got the information from, and Caoa did not immediately respond to a request for comment.


Continue reading at Reuters »