Chinese auto magnate acquire USD 9 billion stake in Daimler
Auto News - Published on Tue, 27 Feb 2018
New York Times reported that the Chinese businessman who owns the Geely automotive group has acquired a USD 9 billion stake in Daimler, the German maker of Mercedes-Benz cars and trucks. The investment by Mr Li Shufu, which Daimler confirmed in a regulatory filing in Germany, represents 9.69 percent of the company. Daimler in a statement said that it was pleased to have Mr Li as a “long-term-oriented shareholder” and described him as “ an especially knowledgeable entrepreneur with a clear vision for the future, with whom one can constructively discuss the change in the industry.”
Mr Li, 54, is chairman of Zhejiang Geely Holding Group, a private company that owns a Chinese carmaker, Geely Automobile, as well as Volvo Cars, the Swedish auto brand. Daimler has a partnership in China with a separate, state-controlled company, Beijing Auto.
Daimler said that “Daimler has got a broad-based portfolio and footprint in China,” noting that Beijing Auto remained “a strong partner on site.”
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The Daimler stake was purchased by an investment company headed by Mr. Li called Tenaclou3 Prospect Investment, according to the Daimler filing.
Geely could not be reached for comment.
Mr Li, whose personal wealth is estimated by Bloomberg at USD 13.6 billion, has been working to acquire an array of global automotive holdings and turn Geely Auto into the dominant player in China.
New York Times reported that the Chinese businessman who owns the Geely automotive group has acquired a USD 9 billion stake in Daimler, the German maker of Mercedes-Benz cars and trucks. The investment by Mr Li Shufu, which Daimler confirmed in a regulatory filing in Germany, represents 9.69 percent of the company.
Source : New York Times reported that the Chinese businessman who owns the Geely automotive group has acquired a USD 9 billion stake in Daimler, the German maker of Mercedes-Benz cars and trucks. The investment by Mr Li Shufu, which Daimler confirmed in a regulato