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The Chinese automotive manufacturer has acquired a 9.69% stake in Germany’s Daimler, the manufacturer of the Mercedes and Maybach premium car brands.
The new stake by Geely, owner of Volvo Cars, is reported to be worth US$10 billion. The 9.69% stake is said to be in the personal name of Li Shufu, Geely’s Founder and Chairman, while his Company, Geely, has also recently acquired an 8.2% stake in Volvo AB (trucks) with 15.6% of voting rights.
Shufu says he has no plans to further increase his stake; the Company aims to hedge against new arrivals such as Tesla, Google or Uber by focussing on creating a partnership with Daimler, which is currently among the top developers of electric and autonomous cars. Geely also holds a 49.9% stake in Malaysian automaker Proton.
In December 2017, Daimler, which also makes a wide range of trucks, rejected a 5% stake offer from Geely and directed the Chinese Company to buy its shares on the open market. Read more here.