(MENAFN- Asia Times)
Chinese car manufacturer Geely has acquired a US$9 billion stake in Daimler, the German automaker said on Friday.
The deal was confirmed in a regulatory filing, , making the Chinese firm the largest single investor in Daimler.
Geely has been building up its stake in the maker of Mercedes-Benz in recent weeks, with their holding now reaching nearly 10%.
'Li Shufu is a Chinese entrepreneur Daimler knows well and regards highly in terms of his competency and focus on future developments,' Daimler spokesman Joerg Howe was quoted as saying. 'Daimler already has a strong footing in China. We have a very strong partner with our existing cooperation with BAIC Motor.'
The deal adds to a growing list of European acquisitions for the Hangzhou-based manufacturer. Geely last December, and last May.
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