July 15, 2016 / 12:17 AM / a year ago

Samsung Elec to buy new BYD shares for $449 million: Korea Economic Daily

A man stands next to a Samsung Electronics "Quantum Dot" SUHD television at its headquarters in Seoul, South Korea, July 4, 2016. Picture taken on July 4, 2016.Kim Hong-Ji

SEOUL (Reuters) - 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

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