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China’s Geely says it has not bought Daimler shares, denies report, Auto Information, East Auto Information – EAST AUTO NEWS

China’s Geely says it has not bought Daimler shares, denies report, Auto Information, East Auto Information


BEIJING/SHANGHAI: China’s Geely Group stated it has not bought any shares in Daimler AG , denying a Bloomberg report that the Chinese language agency had slashed its 9.7 per cent stake within the German carmaker by greater than half.”As a long-term investor, Zhejiang Geely Holding has not bought any shares. The Daimler shareholding stays unchanged,” a Hangzhou-based spokesman for Geely instructed Reuters on Friday.

Bloomberg reported that Chinese language billionaire Li Shufu’s Geely had bought a 5.Four per cent stake, citing individuals aware of the matter, however that the brand new homeowners of the shares weren’t identified.

The report comes as Morgan Stanley disclosed in a submitting on Thursday that it had elevated its Daimler stake to five.39 per cent from 0.34 per cent on Jan. 4. In keeping with Bloomberg, Morgan Stanley is holding the shares on behalf of others.

Daimler and Morgan Stanley declined to touch upon the Bloomberg report.Li had picked up the 9.7 per cent stake in Daimler in 2018, asking the maker of Mercedes-Benz vehicles to strike up an alliance to raised counter the risk from upstart mobility corporations.

His transfer rekindled German fears about high-tech know-how falling into Chinese language fingers and Daimler had initially balked on the prospect of an alliance, partly on fears it’d alienate Mercedes’ present Chinese language accomplice BAIC.

However the corporations have remained in talks about areas of potential cooperation and in October introduced they’d arrange a ride-hailing three way partnership in China.

China’s Geely says it has not bought Daimler shares, denies report, Auto Information, East Auto Information – EAST AUTO NEWS
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