Daimler says BAIC will not further increase its 9.98% stake (updated)

Baic Motor

13/12/2021 08:17

(Adds background, BAIC comment)
    BERLIN, Dec 13 (Reuters) - Daimler  DAIGn.DE  on Monday said
its Chinese shareholder Beijing Automotive Group Co Ltd (BAIC)
 1958.HK  has agreed not to further increase its stake in the
German luxury carmaker beyond the 9.98% stake it has held since
2019.
    Daimler said it holds a 9.55% stake in BAIC Motor and a
2.46% stake in BAIC BluePark.
    Daimler's Monday announcement is the first public
confirmation of the acquisitions since 2019.
    "This underlines the successful partnership to continue the
long-term success of Mercedes-Benz in China," Daimler said in a
statement.
    State-owned BAIC has been Daimler's main partner in China
for years and operates Mercedes-Benz factories in Beijing
through Beijing Benz Automotive. The two companies have
collaborated in areas such as production, research and
development and sales since 2003.
    "The partnership between BAIC Group and Daimler Group has
always been a model of Sino-German cooperation," BAIC said in a
statement on Monday, confirming the stake figure. 
    It said it was confident in Mercedes-Benz's potential in the
future transformation to electro-mobility.
    

 (Reporting by Riham Alkousaa, Ilona Wissenbach and Brenda Goh 
Editing by Paul Carrel)
 ((Riham.Alkousaa@thomsonreuters.com;))