Geely is reportedly planning to become Daimler’s largest shareholder, Germany’s Bild am Sonntag reports.
Talk of the Chinese carmaker purchasing a stake in Daimler isn’t new. In fact, the Germans turned down an offer from Geely to take a stake of up to 5 per cent via a discounted share placement last November. At the time, Daimler said Geely was welcome to buy shares in the open market. It appears the Chinese company is doing just that.
Daimler’s currently largest shareholder is the Kuwait Investment Authority, with 6.8 per cent. If these reports prove accurate, Geely could be on the verge of surpassing this figure. Daimler’s second largest shareholder is BlackRock with 6 per cent.
Automotive News reports that Geely is eager to get its hands on Daimler’s advanced electric car battery technology. Additionally, the brand is said to be keen in establishing an electric car joint venture with Daimler in Wuhan, China.
Geely already has a controlling stake in Volvo and Lotus, while Daimler has Chinese joint ventures with BAIC Motor Corp and BYD.