Equities

Reuters reveals China’s BAIC raising Daimler stake, while German carmaker wants bigger share in JV

Reuters reveals China’s BAIC raising Daimler stake, while German carmaker wants bigger share in JV

Reuters reported exclusively that Daimler is seeking to buy a majority stake in its Chinese operations, strengthening its control of Beijing Benz Automotive Co, its joint venture with BAIC Group. The efforts include a plan to raise its stake to 75% from the current 49%. Daimler’s stake purchase ambitions come as BAIC is pursuing a separate deal to buy a 10% stake in the German carmaker, also revealed by Reuters, to upstage Zhejiang Geely Holding Group, which owns a 9.69% Daimler stake.