44 F
Houston
Saturday, December 14, 2019
No menu items!

China’s Geely becomes largest shareholder of Mercedes owner Daimler

The acquirement, which was revealed in a regulatory filing by Daimler on Friday, makes Geely chairman Li Shufu the largest single shareholder of the German group, overtaking the Kuwait Investment Authority, which holds 6.8 percent.

Nearly 71 percent of Daimler shares are held by institutional investors.

The deal marks Geely’s further expansion into the European premium automotive market and is the latest move by Geely to build up its international presence.

The Chinese automaker already owns Swedish automaker Volvo Cars and black taxi maker the London Electric Vehicle Company.

The group also took a 49 percent stake in troubled Malaysian automaker Proton, a controlling interest in British sports car brand Lotus, as well as acquiring a flying-car business called Terrafugia in 2017.

Latest News

Texas a linchpin in Biden’s Super Tuesday strategy

https://www.facebook.com/NTVHouston/videos/1548789771928987/ With the first Democratic nominating contests less than two months away, former...

Microsoft unveils Xbox Series X games console

Microsoft unveiled the Xbox Series X at The Game Awards in Los Angeles on Thursday (December 12). The new...

My husband Saif was the toughest to convince for my show, says Kareena Kapoor Khan

Actress Kareena Kapoor Khan is all set up with the second season of her radio show, ‘What Women Want’ on 104.8 Ishq...

Trump says Johnson’s win means a lot of U.S. trade with Britain

U.S. . President Donald Trump said on Friday (December 13) that Boris Johnson's recent victory in the United Kingdom's general election means...

Angry protest against British PM Johnson in central London

Several hundred noisy protesters marched through central London on Friday (December 13) to protest against Britain's election result. The...

More Articles Like This