Chairman of China's Geely acquires 10 percent of Daimler
Chairman of China's Geely acquires 10 percent of Daimler
China's Geely buying $9 billion stake in Daimler - Bloomberg
25 February, 2018, 00:35
Daimler itself is planning the biggest corporate overhaul in a decade, firming up plans toward the end of 2017 to break up its rigid conglomerate structure, instead creating a holding company with three separate units: Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and the financial-services division. The official transaction could be announced by the Hangzhou-based automaker in the coming days, sources told Bloomberg News.
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Geely bought the struggling VolvoVOLVB -1.31% vehicle brand in 2010 and invested more than $3 billion in a stake in Volvo AB, the separate truck maker, late previous year.
Analyst Arndt Ellinghorst of Evercore ISI said: "We only believe that Geely would consider an investment of this magnitude if there was a more significant industrial opportunity from cooperation between Geely/Volvo and Mercedes".
Li Shufu, chairman of Chinese carmaker which also owns Volvo, says he now has a 9.69% stake in German carmaker. "With Mr Li and Geely, Daimler has open access to the largest market of the world", he said. The share reportedly has a market value of roughly 9 billion dollars. The company made regulatory disclosures after the close of markets on 23 February 2018. "It is the duty of investors to follow these and to check them".
Geely Holdings chairman Li Shufu speaks at a business forum in Shanghai earlier this month.
"Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking".
Li Shufu: "The competitors that challenge the global vehicle industry in the 21st century technologically are not part of the automotive industry today".
Geely itself is no stranger to the European vehicle business, having bought Sweden's Volvo in 2010.
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