Feb 11 2022

BMW will pay 3.7 billion euros ($4.2 billion) to take majority control of its Chinese joint venture after securing the necessary license from Beijing, as global automakers seek a tighter grip on business in the world's biggest car market.

The German carmaker said on Friday it was increasing its stake in the venture with Brilliance Auto Group to 75% from 50%, as announced in 2018 when China said it would start relaxing ownership rules in the auto industry.