Geely denies cutting stake in Daimler

Business 1/11/2019, 10:18 AM
Geely denies cutting stake in Daimler

Hangzhou-based automaker Geely denied earlier reports that it cut half of its 9.7% stake in the German auto manufacturing giant Daimler, according to a report by Channel NewsAsia's Henry Yin Hang, released on Friday.

Billionaire founder of Geely Holding Li Shufu acquired the 9.7% stake in Daimler last year, an acquisition worth $9 billion, marking the biggest investment in a multinational carmaker by a Chinese company.

Last October, the maker of Mercedes-Benz cars and the Chinese company said they were setting up a ride-hailing joint venture in China.

Breaking the News / BM

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