China's BAIC Wants to Build Up to 5% Stake in Daimler -Reuters

--China's Beijing Automotive Industry Holding Co., or BAIC, wants to buy a stake of between 4% and 5% in Daimler as a way to secure its investment in Beijing Benz Automotive, a Chinese company that manufactures Daimler's Mercedes-Benz cars, Reuters reports citing sources familiar with the matter.

--According to Reuters, BAIC informed Daimler of its intention to build the stake earlier this year, and has asked local authorities in Beijing to support this purchase.

--BAIC has started buying Daimler shares in the open market, but it remains unclear whether it can raise the over $3 billion that a 5% stake in the German car maker would cost based on its market value, Reuters reports.

Full story: https://reut.rs/2Jh5AwS

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May 13, 2019 03:54 ET (07:54 GMT)

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