China's BAIC Wants to Build Up to 5% Stake in Daimler -Reuters
13 May 2019 - 6:09PM
Dow Jones News
--China's Beijing Automotive Industry Holding Co., or BAIC,
wants to buy a stake of between 4% and 5% in Daimler as a way to
secure its investment in Beijing Benz Automotive, a Chinese company
that manufactures Daimler's Mercedes-Benz cars, Reuters reports
citing sources familiar with the matter.
--According to Reuters, BAIC informed Daimler of its intention
to build the stake earlier this year, and has asked local
authorities in Beijing to support this purchase.
--BAIC has started buying Daimler shares in the open market, but
it remains unclear whether it can raise the over $3 billion that a
5% stake in the German car maker would cost based on its market
value, Reuters reports.
Full story: https://reut.rs/2Jh5AwS
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(END) Dow Jones Newswires
May 13, 2019 03:54 ET (07:54 GMT)
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