China’s BAIC seeks to buy stake of up to 5pc in Daimler

12th May, 2019 10:36:57 printer

BEIJING: China’s BAIC Group is looking to buy a stake of up to 5 per cent in Daimler AG to cement its investment in Beijing Benz Automotive, Reuters reported, citing three unidentified people familiar with the matter.

BAIC told Daimler that it was planning to buy a 4 per cent-5 per cent stake earlier this year, and asked local authorities in Beijing to support the purchase, Reuters cited two of the people as saying. One of the people also said BAIC has begun buying Daimler shares on the open market, report agencies.