Filed under: Earnings/Financials,Plants/Manufacturing,Mercedes-Benz
BEIJING/HONG KONG/FRANKFURT (Reuters) - Daimler's main China joint venture partner BAIC Group has set in motion a plan to double its stake to around 10% and win a board seat in the German luxury car maker, as it aims to upstage rival Geely, two sources told Reuters. State-owned Beijing Automobile Group Co Ltd (BAIC), which already owns a 5% shareholding in Daimler, has started buying the German company's shares from the open market, said the sources who were briefed on the matter.
Continue reading China's BAIC buying up Daimler stock to unseat Geely as top shareholder
China's BAIC buying up Daimler stock to unseat Geely as top shareholder originally appeared on Autoblog on Mon, 16 Dec 2019 08:42:00 EST. Please see our terms for use of feeds.
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