BMW plans to take control of China joint venture

Luxury carmaker BMW announced Thursday a plan to take control of its China joint-venture, the first foreign automaker to take advantage of Beijing's new ownership rules for the sector.

BMW will acquire a further 25 per cent stake in the venture with Brilliance China Automotive for 3.6 billion euros (USD 4.2 billion), the company said, bringing its stake to 75 per cent by 2022.

Foreign automakers have long been restricted to holding no more than a 50 per cent stake in their China operations, but Beijing decided to relax the ownership caps this year.