Daimler's main China joint venture partner BAIC Group has set in motion a p...
) main China joint venture partner BAIC Group has set in motion a plan to double its stake to around 10% and win a board seat in the German luxury car maker, as it aims to upstage rival Geely, two sources told Reuters.
BAIC is currently Daimler’s third largest shareholder but a stake of 10% will make it the biggest shareholder, surpassing its Chinese automaking rival Zhejiang Geely Holding Group which owns 9.69% of the German automaker and is seeking to expand its partnership with Daimler in China. Daimler said in a regulatory filing last month that HSBC held 5.23% in Daimler’s voting rights directly as well as through instruments such as equity swaps as of Nov. 15.
BAIC and Geely did not respond to requests for comments made after usual business hours. HSBC declined to comment.DAIMLER’S CHINA PARTNERS Two months before its 5% stake purchase was announced in July, sources told Reuters that BAIC wanted to invest in Daimler to secure its investment in Beijing Benz Automotive.
By using Hong Kong shell companies, derivatives, bank financing and structured share options, Li kept the plan under wraps until he was able, at a stroke, to become Daimler’s single largest shareholder.
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