Economy

Geely Boss Becomes Daimler's Biggest Shareholder By Acquiring $9 Billion Stake

Geely Boss Becomes Daimler's Biggest Shareholder By Acquiring $9 Billion Stake

China's Geely has acquired around $9 billion in Daimler shares, representing a 10-percent stake in the German automaker.The investment marks further expansion of Geely's interest in European automakers. The company said that the Chinese businessman who owns the Geely automotive group bought a 9.69 percent stake in Daimler.

The shares were purchased on behalf of the Chinese automotive group's chairman, Li Shufu, according to a filing by Daimler, and are worth around $9 billion at current prices. The official transaction could be announced by the Hangzhou-based automaker in the coming days, sources told Bloomberg News.

Geely had previously acquired a 49.9 percent controlling stake in Malaysian automaker Proton a year ago.

More news: Fergie's ex defends her unique take on the national anthem

FILE PHOTO - A sign is seen on a vehicle displayed at Geely Auto's booth during the Auto China 2016 auto show in Beijing, China, April 29, 2016. A Daimler spokesman described the stake purchase as a private investment by Li, Reuters reports.

Among other things, Daimler owns the premium automaker Mercedes-Benz and Daimler Trucks, a commercial truck business.

The Chinese automaker is the owner of Sweden's Volvo Cars and Lotus Cars of the United Kingdom, and in December reached a roughly $3.3 billion agreement making it the largest shareholder in Swedish truck maker AB Volvo.


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