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Volkswagen Ready to Buy Chinese Partners after Beijing Enters WTO
German car giant Volkswagen plans to buy out its Chinese partners as soon Beijing's entry into the World Trade Organisation (WTO) allows it, the Financial Times said Monday.
The German group "will definitely talk to its partners about such an option as soon as it becomes feasible under WTO regulations," Volkswagen's China head, Erich Schmitt, told the business daily.
The car maker especially wants to acquire the jointly-owned Shanghai Volkswagen, which alone represents half of the market and which is widely regarded as the most successful joint enterprise between Chinese and foreign companies.
Such a take-over would give the German giant greater flexibility in the choice of its providers - which under existing agreements must be Chinese - and thus give its cars in China a higher quality, the Financial Times said.
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