Dongfeng, Renault to set up US$1.8b JV: media

Ambitious Chinese automaker Dongfeng Motor and France’s Renault may sign a deal this month for an 11 billion yuan (HK$13.8 billion) joint venture after a decade of talks, a report said Monday.

The project, to be restructured from an existing venture between Renault and China Sanjiang Space Group, was approved by state officials in May, a source told the China Business News paper.

Dongfeng, China’s second biggest automaker, has previously been reported to be negotiating to buy a stake in another French car firm, PSA Peugeot Citroen.

via Business feed http://www.scmp.com/business/companies/article/1277931/dongfeng-renault-set-us18b-jv-media