The entry of the Chinese Geely owner Li Shufu has caused uncertainty among Daimler shareholders. The government assesses the transaction more relaxed – with small restrictions.
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Mercedes plant in Sindelfingen
Monday, 26/02/2018
12:38 clock
The uncertainty about the new major shareholder from China on Monday has the shareholders of Daimler vexed. The shares of the Stuttgart car maker were with a discount of 0.6 percent at times the biggest loser in the Dax, which increased by just under one percent. The entry of the Chinese company Geely at Daimler raises numerous questions, wrote analyst Philippe Houchois of the US Bank Jefferies in a share comment. Above all, it is unclear which strategy Geely-principal owner Li Shufu pursues and whether he aspires to a seat on the supervisory board.
Obvious question also looks Brigitte Zypries, If a Chinese competitor participates in the Stuttgart carmaker, that is in need of explanation, said Federal Minister of Economics “Stuttgarter Zeitung / Stuttgarter Nachrichten”. It must be clarified how it came to the participation of almost ten percent. In addition, it had to be examined whether the registration requirements for shareholdings had been complied with.
“No foreign investors bailed in”
in the chancellery looks at the entry of Geely relaxed. “The acquisition of 9.7 percent of the share capital in Daimler AG by the Chinese company Geely is the Federal government of course, but it is an entrepreneurial decision, “said government spokeswoman Ulrike Demmer.To the talks of Geely chief owner Li Shufu in the economic and financial policy adviser to the Chancellor, the Federal Government give as usual in similar cases, no information.
The economic policy spokesman of the SPD parliamentary group Bernd Westphal even considers the entry of a major Chinese investor in the car company Daimler even explicitly unproblematic. “Basically, we should not send the signal that we are bouncing foreign investors here,” said Westphal. “Here everyone is welcome once he abides by our rules.” Such a commitment of China in Germany, however, should be reason to push for equal treatment of German investors in China compared to the Asian economic power.
Volvo is taking consequences
The Swedish truck farmer Volvo were drawn because of Geelys entry personnel consequences. Håkan Samuelsson will leave the board in April, the Volvo Group said. Daimler and Volvo are direct competitors in trucks and buses. It is not desirable that anyone has insight into both companies, they said. Samuelsson is also CEO of the legally independent car manufacturer Volvo Cars, which offers only cars and is controlled by Geely.
Geely had announced on Friday to hold 9.69 percent of Daimler and wants to forge an alliance for self-driving cars and the expansion of electromobility. An increase in the stake was initially not planned, let Li Shufu know at the weekend. “This dampens further takeover fantasies and could also be a reason for the price down,” said a trader. With the involvement of Geely at Daimler had also been expected for some time.