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Foton, Daimler truck JV deal okayed by shareholders

From Global Times| September 28 , 2010 09:34 BJT

Daimler and Foton Motor Sign Joint Venture Contract and Receive Approval for Truck Production in China

Chinese truck maker Beiqi Foton announced Sunday that all its shareholders have given consent on the deal with Germany's Daimler AG and Daimler North East Asia.

The 6.35-billion-yuan deal was signed during Chinese Premier Wen Jiabao’s visit to Berlin.

The Chinese firm said that the 50-50 truck venture (Foton 50 percent, Daimler AG 40 percent, and Daimler North East Asia 10 percent) Beijing Foton Daimler Automotive Co. would start producing diesel engines in 2011 and trucks in 2012, with annual heavy-duty truck sales projected at 100,000 units from 2012 to 2015.

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