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Daimler to Acquire Evonik’s Stake in Battery-Cell Venture Li-Tec

Daimler AG, the third-biggest maker of luxury cars, will acquire Evonik Industries AG’s 50.1 percent stake in their Li-Tec joint venture, making it the sole owner of the lithium-ion battery-cell manufacturer.

Daimler will also buy Evonik’s 10 percent share in their Deutsche Accumotive battery partnership to take full control of that business, the Stuttgart, Germany-based carmaker said today in a joint statement with the chemical producer. Financial details weren’t disclosed.