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BMW receives license to take 75% stake in China joint venture

BERLIN (Reuters) -BMW has received the license from Chinese authorities to increase its stake in its Chinese joint venture BMW Brilliance Automotive to 75% from 50%, the carmaker said on Friday, effective immediately. The revaluation would lead to a positive one-off effect of 7 to 8 billion euros ($8-9 billion) to the financial results of its automotive segment, BMW said, with an increase to free cash flow of around 5 billion euros. As of February 11, BMW Brilliance Automotive would be fully consolidated in BMW AG’s group financial statements, it said, adding that it would provide more details when publishing its annual results on March 16.

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