China's BAIC Group is seeking to buy a stake of up to 5 percent in Daimler ...
BEIJING/FRANKFURT - China’s BAIC Group is seeking to buy a stake of up to 5 percent in Daimler as a way to secure its investment in Chinese Mercedes-Benz manufacturing company Beijing Benz Automotive, three sources familiar with the matter told Reuters.
BAIC has asked local authorities in Beijing to support a 4-5 percent stake purchase, two of these sources said.“Daimler’s share price is currently being underpinned by a buyer who appears to be building a stake,” a person familiar with the matter said. German regulatory filings do not show BAIC as a significant shareholder of Daimler. German takeover rules allow a buyer to acquire a stake of up to 3 percent before a regulatory disclosure is required.
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