Geely to take stake in Daimler: CCTV

Source:Global Times Published: 2017/12/14 21:53:39

Chinese automaker Zhejiang Geely Automobile Holdings plans to take a stake in its German counterpart Daimler AG, State broadcaster China Central Television (CCTV) reported on Wednesday.

CCTV reported that Zhejiang Geely will invest nearly 4 billion euros ($4.73 billion) to acquire a 3 percent to 5 percent stake in Daimler. That would make Zhejiang Geely the third-largest shareholder of Daimler, the report said.

Daimler reportedly rejected last month a proposal from Zhejiang Geely to buy a 5 percent stake in the German auto group based on the issue of new shares at a discount, Reuters reported on Thursday.

But Daimler told Zhejiang Geely that it was welcome to buy shares in the open market, according to the Reuters report, which cited unnamed sources.

Aiming at the global market, Zhejiang Geely has been eyeing stakes in foreign carmakers. In 2010, it took over Swedish carmaker Volvo.

Posted in: COMPANIES

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