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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
BAIC mulls raising Daimler stake to almost 10 percent
    2019-12-17  08:53    Shenzhen Daily

BAIC Group is considering lifting its stake in Daimler AG to as much as 9.9 percent, Bloomberg News quoted sources familiar with the matter as saying yesterday, strengthening Chinese ownership of the Mercedes-Benz maker as Germany gets drawn deeper into global trade tensions.

The move would put almost 20 percent of Stuttgart-based Daimler into the hands of two major Chinese owners. Zhejiang Geely Holding Group, owned by billionaire Li Shufu, bought a 9.7 percent holding last year.

State-owned BAIC, which last reported a 5 percent holding in Daimler, has also raised the prospect of taking a seat on the supervisory board, said the sources. Geely has no board representation.

Gaining a second anchor shareholder could benefit Daimler, which has seen profit margins pressured from hefty investments into electric mobility. Potentially, the move could ease the way for the German manufacturer to lift its 49 percent stake in its main Chinese joint venture with BAIC.

But complications could also arise. Daimler has had concerns that such a large Chinese ownership stake would increase scrutiny on the company by the U.S. Committee on Foreign Investment, or CFIUS.

Daimler chief executive officer Ola Kallenius and BAIC chairman Xu Heyi are in direct contact over future cooperation, the sources said.

“We welcome long-term oriented investors,” Daimler management board member for China, Hubertus Troska, told reporters Friday in Stuttgart. “China is and remains a strategically important market for us.”

Geely and BAIC likely won’t target a stake of more than 10 percent, however, because holdings of more than 10 percent per investor require a lengthy and cumbersone review from German watchdog Bafin.(SD-Agencies)

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