Provincial government grabs Brilliance for HK$144m | SCMP

The Liaoning provincial government will pay HK$144.61 million to take control of Hong Kong-listed Brilliance China Automotive Holdings at a 93.1 per cent discount despite protests from the company's ousted founder.

Brilliance China said the foundation indicated that the sale of its holding to Huachen would benefit Brilliance China's long-term development because the Liaoning government would be able to provide support "in ways that the foundation has neither the ability nor the resources to provide".

The stake purchase appears to be the Liaoning government's assertion of its rights to own Brilliance China amid a bitter ownership dispute with the company's high-profile founder Yang Rong. more