Daimler welcomes investment by Chinese partner BAIC
Posted July 23, 2019 7:00 am
FRANKFURT, Germany (AP) - Automaker Daimler says its Chinese partner BAIC Group has taken a 5% equity stake, a move Daimler said reinforces the cooperation between the two companies.
Daimler, maker of Mercedes-Benz cars, said Tuesday that BAIC acquired the stake through a fully-owned subsidiary, Investment Global Co. Ltd.
Daimler and BAIC have worked in a strategic partnership since 2003 and in 2013 Daimler took a stake in BAIC Motor, a listed subsidiary of BAIC. Daimler currently holds 9.55% of BAIC Motor's shares.
Daimler's biggest shareholder is Chinese investor Li Shufu, chairman of carmaker Geely, with 9.7%. Kuwait's Sovereign Savings Fund has 6.8%.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.