The two companies last year struck a deal to combine their European steel units to create the continent’s second-largest steelmaker after ArcelorMittal, a move that must be cleared by the European regulators.
It will offer routing and navigation services, as well as map display and positioning services in the world’s largest passenger car market.
Before this, Byton will seek another round of fundraising from private investors prior to starting production of its vehicle.
The deal creates a new competitor to Didi Chuxing, which currently dominates a Chinese ride-hailing market.
The size of the stake remains unclear but is likely to be below 3%.
Fountain Vest plans to invest and expand the turbos business.
Thyssenkrupp and Tata Steel have been in talks for two years.
IPO to value firm at 3.5-4 billion euros.
Daimler CEO said he sees potential for expanding production in China.
China’s Midea said it will complete its takeover of German robotics maker Kuka in the first half of January after the United States authorities gave the deal a green light. Midea, which launched a 4.5 billion euro ($5 billion) offer for Kuka in May, said Germany’s markets regulator had approved… Read more »