Geely’s Chinese carmaker, the owner of the Zhejiang Geely Holding Group, Li Sufu acquired 9.69 percent of the German Daimler vehicle manufacturer for about $ 9 billion, according to Li Sufu.
The news was not initially intended to comment either Chinese or German, and the German Ministry of Economic Affairs listened on Saturday.
Later, however, it was announced that next week the Geely carmaker’s representatives will discuss Daimler’s management and that China is expected to negotiate with German governmental authorities in Berlin. Geely said in a statement that there is still no increase in shareholding on the agenda.
Li Sufu has become the largest individual shareholder of Daimler with nearly 10 percent stake.
At the end of November, Daimler had yet to approve the approach of the Geely automaker and signaled its satisfaction with its current shareholder structure.
The Zhejiang Geely Holding Group then offered to buy up to 5 percent of its shares in the Stuttgart-based automaker by buying new shares at discount rates. The market price of such a stock package would have been about $ 4.5 billion.
After refusing the bid, Li Sufu changed tactics and quietly began to buy Daimler shares on the market.
Zhejiang Geely Holding, a car dealer in China under the brand name Geely, is one of the top ten Chinese car manufacturers. Geely owns, among others, the Swedish Volvo Car Corp. and London Taxi Co., but owns the largest Malaysian automotive manufacturer, Proton, and includes 51 percent of British Lotus Cars, for example.
Daimler has so far been the largest owner of Kuwait’s State Treasury (KIA) with 6.8 percent, and BlackRock’s US Treasury, with 6.0 percent.