Chinese automaker BAIC holds a 9.98% stake in Daimler, with no plans to raise Reuters
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BERLIN (Reuters) – Daimler said on Monday that its Chinese shareholders did not expect Beijing Automotive Group Co Ltd (BAIC) to increase its stake in German luxury carmaker beyond its 9.98% stake since 2019.
The German automaker said BAIC said Daimler (OTC 🙂 After the Daimler Truck spinoff on Friday, it has had a 9.98% stake since 2019 and has no plans to increase it further.
The statement was the first public confirmation that BAIC’s shareholding had risen above the previously announced 5%.
The state-owned BAIC has been Daimler’s main partner in China for years and operates Mercedes-Benz factories through Beijing Benz Automotive.
The two companies have been cooperating in production, research and development and sales since 2003.
The increase in BAIC’s stake means that the two Chinese companies own almost 20% of Daimler, and Zhejiang Geely Holding owns 9.69% of the German carmaker.
Under the German financial system, BAIC is only required to report an increase in shares if it exceeds the 10% threshold.
Following the separation of Daimler’s truck division on Friday, BAIC’s stake in Daimler Truck became public information, which also revealed the size of Daimler’s stake.
In the Daimler Truck spin-off, Daimler shareholders received one Daimler Truck share for each Daimler share.
“BAIC received shares of Daimler Truck Holding AG in connection with its stake in Daimler AG (DE 🙂 on Friday. BAIC informed us of the size of the current Daimler stake,” a Daimler spokesman said. “BAIC has not been forced to disclose the full extent of their involvement before today.”
Daimler CEO Ola Kaellenius welcomed information about the size of BAIC’s stake, saying in a statement: “We are pleased with the commitment of all long-term shareholders who support our strategy.”
Daimler said it had a 9.55% stake in BAIC Motor and a 2.46% stake in BAIC BluePark.
“The partnership between the BAIC Group and the Daimler Group has always been a model of Sino-German cooperation,” BAIC said in a statement on Monday, confirming the participation figure.
Mercedes-Benz said it was confident in its potential for future transformation to electro-mobility.
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