China's second largest automaker Dongfeng Motor Corp. agreed to become a shareholder in Fujian Motor Industry Group Co. Ltd.

Dongfeng signed a framework agreement with the Fujian Provincial Government to acquire shares in the local automaker from its owner, the Fujian Provincial State-owned Assets Supervision and Administration Commission.

Dongfeng did not disclose in its official statement how many shares it agreed to acquire or the specific investment amount.

Dongfeng and Fujian Motor also plan to set up a new investment company, two thirds of which would be owned by Dongfeng.

The new investment company will replace Fujian Motor with a 50-percent stake in Southeast Motor, which now is a three-way venture among Fujian Motor, Japan's Mitsubishi and China Motor Corp. from Taiwan.