Changan Acquires AVIC Units to Become 3rd Largest Automaker in China
Green Car Congress
NOVEMBER 11, 2009
China Ordnance Equipment Group, Chang’an’s parent, will transfer a stake in Chang’an Auto to AVIC in exchange for AVIC’s ownership share of minivan maker Harbin Hafei Automobile Industry Group, Changhe Automobile, engine maker Dongan Power, Changhe Suzuki and Dongan Mitsubishi. China wants to cut the number of its major auto groups to 10 or fewer from the existing 14 over the next three years through mergers and acquisitions. Shanghai Daily.