This Man Now Owns Nearly 10 Percent Of Mercedes-Benz's Parent Company

Daimler's Need For An Anchor       The Mercedes Benz owner has very few strategic shareholders              Source Bloomberg

Daimler's Need For An Anchor The Mercedes Benz owner has very few strategic shareholders Source Bloomberg

The founder of Zhejiang Geely Holding Group Co has accumulated a stake worth about €7.3 billion (RM35.1 billion) in Daimler AG, marking the biggest investment in a global automobile manufacturer by a Chinese company.

Kuwait's sovereign wealth fund owned about 6.8 percent of Daimler's shares as September 30, according to Thomson Reuters data.

Geely, which is racing to build electric cars in order to meet tough Chinese emissions rules that come into force next year, is keen to strike a deal with Daimler over sharing battery technology, according to two people familiar with the company's thinking. Geely has not commented publicly on the goal of its investment, but is thought to be interested in Daimler's battery technology. Since a year ago, the company has purchased various stakes in automakers around the globe, including Malaysian brand Proton Cars, British sports and racing vehicle manufacturer Lotus Cars, and Swedish truckmaker AB Volvo.

Among other things, Daimler owns the premium automaker Mercedes-Benz and Daimler Trucks, a commercial truck business. No current vehicle industry player might win this battle against the invaders from outside without friends.

Daimler now has a joint venture with BYD in China to build electric cars. Volkswagen AG is owned by the Porsche-Piech billionaire clan with the government of Qatar counting as a major stakeholder, and BMW is owned by the wealthy billionaire Quandt-Klatten family. While Daimler said the move isn't a prelude to a spin-off of any of the businesses, some investors have called on the company to consider an eventual split on the back of the clearer delineation between the units.

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"Daimler is pleased to announced that with Li Shufu it could win another long-term orientated shareholder", a spokesman for the Stuttgart-based group said.

Geely is based in the eastern Chinese province of Zhejiang.

"We will protect interests of both companies by abiding laws in the country and the company's governance structure. We are just one of the investors in that given company", the source added.

In 2010, it purchased Sweden's Volvo Cars. Mr Li gave a video statement to Germany's Car Symposium, an annual automotive congress attended by senior industry leaders.

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