BAIC booth at a car show in Beijing
After the surprising entry of competitor Geely at the Stuttgart car manufacturer, Daimler has repeatedly emphasized how important BAIC is to him.
Hong KongDaimler according to a report by the news agency Reuters, the investment bank Goldman Sachs a higher participation at the Chinese partner company BAIC Motor Corp. The talks with BAIC are only at an early stage, and the plan could be smashed, Reuters quotes two people with knowledge of the process.
Daimler keeps from the in Hong Kong listed BAIC shares accounted for 30.4 per cent, while the stake was 9.55 per cent the Chinese carmaker equivalent. The Chinese state holds 42.6 percent through the BAIC Group and steel producer Beijing Shougang 12.8 percent. The market capitalization of BAIC in Hong Kong has recently been the equivalent of $ 4.9 billion.
Daimler and Goldman Sachs did not want to comment on that. BAIC was not available for comment. Four years ago, BAIC wanted to acquire a share in Daimler, but nothing came of it. Daimler has after the surprising entry of the BAIC competitors Geely repeatedly emphasized at the Stuttgart carmaker how important the partner BAIC is to him.
As two other insiders explained, the Swabians are still interested in their stake in the joint venture with BAIC, Beijing Benz Automotive (BBAC), to increase beyond the existing 49 percent. There have been discussions in the past year, but they have now fallen asleep.
Current club events
The news agency Bloomberg had reported in December, citing unnamed sources, Daimler aims at 65 percent.
In 2022, China will raise the 50 percent barrier to foreign ownership of Chinese automakers. BMW was the first German carmaker to seize the opportunity and agreed to increase its stake in the China joint venture with Brilliance by 25 to 75 percent.
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