Geely chairman builds $nine bn stake in Germany's Daimler

The chairman of Chinese carmaker Geely has built up an nearly ten % stake in Mercedes-Benz owner Daimler, making a $nine bn (£six.four bn) bet which he could push out of an alliance to access the German Inc.'s technology. The buy with Li Shufu means Geely, China's largest privately-owned automaker, is This time Daimler's biggest shareholder. Geely said on Saturday there were no plans "for the time being" to lift the stake more. "No current vehicle industry player is likely to beat this Combat versus the invaders from outside without friends. It owns Volvo cars , LEVC, the producer of London's black cabs, & final year took a majority stake in sports vehicle producer Lotus, a 49.nine % stake in Malaysian automaker Proton, a $three.three bn stake in Volvo Trucks & control of flying vehicle begain-up Terrafugia.

Chairman of China's Geely as nine.seven% stake in Daimler

After years of heavy investment from Geely, Volvo is This time a thriving -- if continue small -- high-finish vehicle producer. Back in China, Geely Automotive has become the highest domestic brand in the country. "Chairman of China's Geely Has nine.seven% Stake in Daimler -- third Update," published at 0021 GMT, incorrectly identified him as co-chairman. After years of heavy investment from Geely, Volvo is This time a thriving -- if continue small -- high-finish vehicle producer. Back in China, Geely Automotive has become the highest domestic brand in the country.

Geely chairman builds $nine bln stake in Germany's Daimler

as mentioned in Geely chairman builds $nine bln stake in Germany's DaimlerBEIJING/FRANKFURT: The chairman of Chinese carmaker Geely has built up an nearly ten % stake in Mercedes-Benz owner Daimler, making a $nine bn bet which he could push out of an alliance to access the German Inc.´s technology. Geely said on Saturday there were no plans "for the time being" to lift the stake more. Daimler is the just 1 of Germany´s 3 carmakers not to be controlled by a family. German watchdog Bafin did'nt immediately replyto demands for comment on whether it was looking into Geely´s acquisition of the Daimler stake. Chinese Businessmen in German technology companies have tended to take a consensual approach, buying incremental stakes in companies like robotics firms Kuka & Kion, typically after long consultation by management & other stakeholders.

collected by :Catlin Logan