HONG KONG: Geely Automobile Holdings Ltd’s shares jumped after its chairman Li Shufu revealed he had built a US$9bil stake in Daimler AG, gaining leverage as he tries to convince the German carmaker to cooperate on technology.
The 9.7% holding makes Li Daimler’s biggest shareholder and gives him a leg up to the negotiating table after the Mercedes-Benz owner knocked back a request from Geely late last year to issue new shares so it could buy a stake.
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