Reuters reported exclusively that Daimler is seeking to buy a majority stake in its Chinese operations, strengthening its control of Beijing Benz Automotive Co, its joint venture with BAIC Group. The efforts include a plan to raise its stake to 75% from the current 49%. Daimler’s stake purchase ambitions come as BAIC is pursuing a separate deal to buy a 10% stake in the German carmaker, also revealed by Reuters, to upstage Zhejiang Geely Holding Group, which owns a 9.69% Daimler stake.
Reuters reveals China’s BAIC raising Daimler stake, while German carmaker wants bigger share in JV
17 December 2019, 12:00 am 1 minute
Type: Reuters Best