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Chinese BAIC acquires 5% of the merit-benzo automaker



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Daimler told Chinese State owned automotive group Beijing Automotive Group Co (BAIC), which acquired a 5% German automotive company Daimler, whose largest shareholder, his last year, was his Chinese rival, Geely.

Daimler, a Mercedes-Benz brand, has a long history of cooperation with BAIC in China and has previously admitted its acquisition of Chinese shares.

"We are delighted that our long-term partner BAIC is now a long-term investor in Daimler," said German company Ola Kelenius.

Both companies have been manufacturing Daimler cars in China for several years, and Daimler owns less than 10% of BAIC's subsidiary, BAIC Motor, which is quoted on the Hong Kong Stock Exchange.

Last year, Lee Shufu, owner of Geely, received almost 10% of Daimler unexpectedly. Geely owned by Swedish car manufacturer Volvo Cars.

BAIC will now be the third largest shareholder of Geely, holding a 9.69% stake in Daimler. The second largest shareholder is the Kuwait State Investment Fund, which holds around 7% of the shares.

Previously, the third-largest shareholder in Daimler was the Renault-Nissan automotive alliance.

Last year, Daimler announced that it would invest 1.5 billion dollars with BAIC in the next generation Mercedes-Benz electric car assembly plant, although the German automaker is also developing electric cars with Geely.

In March, Daisy and Geel's unveiled plans to produce the next generation of Motor Cars, Smart, one of Daimler's brands, in China.

Daimler shares were quoted on the Frankfurt Stock Exchange.

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