Geely gives up Manganese Bronze's 51% stake

Shanghai August 13 (Gasgoo.com) London's black-cab maker, Manganese Bronze may need to find other investors now because China's Geely has decided to drop the plan to acquire its 51% stake for 14 million ponds ($21.83 million), according to Reuters.

It is reported that since March this year, Geely has been in negotiations to purchase another 20 million shares of Manganese Bronze to raise its stake in the company from the current 19.97% to 51.68%.

Concerning Geely's decision not to increase its stake in the company, Manganese Bronze responded that it will not influence its cooperation with the Chinese automaker on their joint venture: Shanghai LTI Automobile Components Co., Ltd. (SLTI), adding that the joint venture will continue to supply auto parts to its production base in Coventry, England.

Manganese Bronze's shares declined by 11% after the news came out Thursday.