Deals
China's BAIC Takes 5% Stake in Daimler to Boost Partnership
- State-backed BAIC gets 5% stake in long-standing partner
- Purchase brings Chinese ownership of German carmaker to 14.7%
Mercedes-Benz production in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
One of Germany’s most storied industrial icons just became more Chinese.
Daimler AG’s Chinese partner, state-backed Beijing Automotive Group Co., is buying a 5% take in the Mercedes-Benz maker, cementing a more than decade long alliance of the auto manufacturers. Together with Daimler’s top shareholder -- Zhejiang Geely Holding Group Co.’s billionaire owner Li Shufu -- the transaction would take Chinese ownership in the world’s biggest luxury-car maker to almost 15%.