Samsung Elec to buy new BYD shares for $449 million: Korea Economic Daily | Reuters - Firstpost
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Samsung Elec to buy new BYD shares for $449 million: Korea Economic Daily | Reuters

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SEOUL South Korean electronics giant Samsung Electronics Co Ltd has agreed to buy new shares worth 3 billion yuan ($449.10 million) in Chinese automaker and electric vehicle battery maker BYD, Korea Economic Daily reported on Friday.

With the investment, Samsung Electronics has secured a 4 percent stake in BYD, which is also backed by Warren Buffett's Berkshire Hathaway Inc, the newspaper said.

A Samsung Electronics representative declined to comment.

(Reporting by Hyunjoo Jin; Editing by Stephen Coates)

This story has not been edited by Firstpost staff and is generated by auto-feed.

First Published On : Jul 15, 2016 06:15 IST

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