FRANKFURT: Daimler AG’s Chinese partner BAIC Motor Corp is set to buy a 5% stake in the Mercedes-Benz maker to cement industrial ties between the two automotive companies.
BAIC, backed by the Beijing municipal government, has acquired 2.48% holding and the right to buy an additional 2.52% stake, Daimler said. As of Monday’s market close, the stakes have a combined valuation of 2.5 billion euros (US$2.8bil).
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