April 11, 2019 / 11:15 AM / 7 months ago

China's JAC says it has not held talks with Volkswagen

SHANGHAI (Reuters) - JAC Motors said on Thursday it had not held talks with Volkswagen AG, after Reuters reported that the German auto giant was interested in taking a stake in its Chinese electric vehicle joint venture partner.

“The company and Volkswagen have not conducted formal business discussions on the matters mentioned in the news reports nor does it have any plans for an equity acquisition,” JAC said in a stock exchange statement.

Reuters reported on Wednesday that Volkswagen was exploring the purchase of a large stake in JAC and had hired Goldman Sachs to advise on the plan.

Three sources told Reuters that Volkswagen’s plans were at an early stage. Two of them said it will seek to buy shares from JAC’s major shareholders. Refinitiv data shows state-backed firms own more than 40 percent of JAC.

Reporting by Brenda Goh; Editing by Kirsten Donovan

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