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Samsung Electronics to invest $448.2 mln in China's BYD: source

All News 10:54 July 15, 2016

SEOUL, July 15 (Yonhap) -- Samsung Electronics Co., the world's biggest maker of smartphones, will invest 3 billion yuan (US$448.2 million) in a Chinese electric carmaker, BYD Co., an investment-banking source said Friday.

The investment is expected to forge a strategic partnership between Samsung, which also produces semiconductors and liquid-crystal displays for cars, and BYD, according to the source.

The Chinese unit of Samsung will buy new shares of BYD when the Chinese carmaker launches a rights offering.

If the rights offering is completed as early as next week, Samsung will own about 2 percent of BYD shares, according to the source.

The Shenzhen-based BYD is backed by Warren Buffett's Berkshire Hathaway Inc.

Samsung has supplied semiconductors and liquid-crystal displays to BYD. The investment is expected to allow Samsung to expand shipments of such parts to the Chinese company, the source said.

kdh@yna.co.kr
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