GAC Group, a major automobile manufacturer in Guangzhou, the capital of Guangdong province, plans to acquire 50 percent of the equity in FAW Toyota held by China FAW Group through a share issuance, the company said on Thursday.

The announcement was made after China FAW Group, Toyota Motor Corporation and GAC Group signed a new strategic cooperation framework agreement on Thursday.

Upon completion of the transaction, GAC Group will become the common Chinese shareholder of Toyota's two joint ventures in China, and will coordinate the research and development, procurement, production and sales activities of both joint ventures.

Source：South
Editor: Lei Yuhong