A subsidiary of South Korean conglomerate Samsung will buy a $450 million stake in China's electric carmaker BYD, which is partially owned by US investment guru Warren Buffet, the Chinese company said Friday. Shanghai Samsung Semiconductor has promised to pay nearly three billion yuan for a 1.92 percent stake in the company, becoming its ninth-largest shareholder, BYD said in a filing with the Shenzhen stock exchange.
The investment, at a price of 57.4 yuan per share, is part of a private placement that has raised 14.5 billion yuan from six investors including Samsung, according to the statement. The other five investors are a state-controlled industrial investment fund and four Chinese fund management companies.
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