Deals
China's Geely Buys $9 Billion Daimler Stake
- Geely Founder Li Shufu has 9.7% stake in Mercedes-Benz’s owner
- Daimler says it has high regard for Li’s focus on future
Photographer: Krisztian Bocsi/Bloomberg
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The billionaire founder of Zhejiang Geely Holding Group Co. has accumulated a stake worth about 7.3 billion euros ($9 billion) in Daimler AG, marking the biggest investment in a global automobile manufacturer by a Chinese company.
Li Shufu acquired the 9.7 percent holding through Geely Group, a company owned by the 54-year-old and managed by the carmaker he controls, according to a statement Saturday. Bloomberg News first reported that Geely has become the single largest investor in the parent of Mercedes-Benz by building up a position of just under 10 percent through purchases in the stock market in recent weeks.