HEADLINE China's Geely becomes largest single shareholder of Daimler

HEADLINE

China's Geely becomes largest single shareholder of Daimler

Xinhua

10:24, February 24, 2018

File photo of Geely's chairman Li Shufu (Photo: Bloomberg)

Chinese auto company Geely has become the largest single shareholder of German automotive manufacturer Daimler, German news agency DPA reported Friday citing a notification of voting rights.

Zhejiang Geely Holding Group, headquartered in southeastern Chinese city of Hangzhou, has bought around 9.7 percent of Daimler's stake.

In addition to be known as owner of Swedish automaker Volvo Cars, at the end of last year, Geely also became known as the largest shareholder of the commercial vehicle manufacturer Volvo Trucks.

As a constituent of the Frankfurt-based blue-chip index DAX, the Stuttgart-based Daimler's market value reached currently over 75 billion euros, as the information of arriving investment from China pushed up its share price.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue