Daimler grab challenges Germany’s China angst CGAThompson
Daimler's main China joint-venture partner BAIC Group wants to double its stake to around 10% and win a board seat in the German luxury car maker, Reuters reported on Dec 15.
The state-owned Beijing Automotive Group Co, which already owns a 5% shareholding in Daimler, has started buying the German company's shares on the secondary market, said the report, which cited two anonymous sources who were briefed on the matter. BAIC is currently Daimler's third-largest shareholder, but a 10% stake would make it its biggest, surpassing Chinese rival Zhejiang Geely Holding Group, which owns 9.69% of the company and is seeking to expand their partnership in China.
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