Buffett-Backed Chinese Automaker Plans $1.9 Billion Placement

May 26 2015 | 9:55pm ET

(Reuters) - Chinese automaker BYD Co., backed by Warren Buffett's Berkshire Hathaway Inc., plans to raise up to $1.9 billion in a share offering in mainland China, IFR reported on Tuesday, citing a source familiar with the plans.

The private placement aims to raise between 10 billion yuan and 12 billion yuan, with a placement proposal out in early June, added IFR, a Thomson Reuters publication.

Shares of BYD, which makes hybrid and electric vehicles, were halted in Shenzhen on Monday at the company's request after it unveiled plans for a possible private placement, while trading in Hong Kong was halted on Tuesday, following a holiday the previous day. The company disclosed no details of the placement.

BYD did not respond to a Reuters email request for comment.

China Merchants Securities, Guosen Securities and UBS Securities were working on the deal, with other banks joining the deal later, added IFR.

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