The Chinese want to redeem DaimlerNovember 25, 2019
According to sources, the main Chinese partner Daimler in the joint venture BAIC Group announced its intention to increase its stake in the German manufacturer of luxury cars.
The executives of BAIC, a listed company, BAIC Motor Corp., at mid-October conferences for investors said that “both parties are ready to increase shares in the other,” in response to questions about future relations between the BAIC Group and Daimler.
A Daimler spokesman said Monday that they received a notification from HSBC that a 5% voting package was exceeded.
Geely, Daimler’s largest shareholder with a 9.7% stake, said: “We are a long-term investor in Daimler. We do not respond spontaneously to any volatility and support the management of Daimler and its strategy. ”
BAIC has been Daimler’s main partner in China for many years and operates Mercedes-Benz factories in Beijing through Beijing Benz Automotive. Two months before the deal was announced in July, sources told Reuters that BAIC wanted to invest in Daimler to secure its investment in Beijing Benz Automotive.
The partners also planned to reconstruct production facilities to produce Mercedes Benz trucks through the Foton Daimler Automotive (BFDA) joint venture for the production of commercial vehicles.
The companies also said that Daimler and the new energy vehicle BAIC BluePark have jointly developed a battery research laboratory in Beijing.
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