Samsung Elec to buy new BYD shares for $449 million: Korea Economic Daily
Reuters
Published Jul 14, 2016 08:16PM ET
Samsung Elec to buy new BYD shares for $449 million: Korea Economic Daily
SEOUL (Reuters) - South Korean electronics giant Samsung Electronics (KS:005930) Co Ltd has agreed to buy new shares worth 3 billion yuan ($449.10 million) in Chinese automaker and electric vehicle battery maker BYD, Korea Economic Daily reported on Friday.
With the investment, Samsung Electronics has secured a 4 percent stake in BYD, which is also backed by Warren Buffett's Berkshire Hathaway (NYSE:BRKa) Inc, the newspaper said.
A Samsung Electronics representative declined to comment.
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Written By: Reuters
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