Sunday, 09 December, 2018

Chinese automaker Zhejiang Geely acquires $9.2 billion stake in Daimler

China's Geely buys a $9 billion stake in Daimler, reports Bloomberg Chairman of China's Geely Has 9.7% Stake in Daimler
| 25 February, 2018, 00:36

With revenue exceeding RMB 270 billion (about United States dollars 43 billion) in 2017, the Zhejiang Geely Holding Group is China's largest privately owned automotive manufacturing company and one of the world's leading providers of electro-mobility.

German automaker Daimler says the chairman of Chinese carmaker Geely has purchased more than 9 percent of its shares. Ltd., a sister company of Geely that is owned by Li and his son, bought the stake in Frankfurt-listed Daimler, according to a regulatory filing released by Daimler on Friday.

The deal, which is yet to be approved by Chinese regulators, has boosted Geely's existing overseas investment portfolio.

Kuwait's sovereign wealth fund, which has been an investor in Daimler for decades, was the largest stakeholder in the automaker as of the end of December with a 6.8 per cent holding.

"A Geely stake in Daimler would underscore their push for cooperation that'll help them get more expertise, like electric cars", said Frank Biller, a Stuttgart-based analyst with Landesbank Baden-Wuerttemberg. "It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future", said Li Shufu, chairman and owner of Zhejiang Geely Holding Group and Geely Group.

Last year, Geely Holding bought a 51% stake in Lotus, the British sports vehicle maker.


Li has been working to acquire an array of global automotive holdings and turn Geely into the dominant player in China.

Daimler now has a joint venture with BYD in China to build electric cars.

Geely itself is no stranger to the European auto business, having bought Sweden's Volvo in 2010. Geely also owns Geely Auto, one of China's biggest independent automakers.

Sources told Reuters this month that Geely was buying Daimler shares as it seeks an alliance in electric vehicle technology - a response to Chinese requirements for more clean cars to be put on the road to cut pollution.

BMW is controlled by the Quandt-Klatten family, whose billionaire siblings boosted their personal holdings in the second-largest luxury carmaker this year after equally dividing their late mother's stake.

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