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Author: Tan KW   |   Latest post: Fri, 24 May 2019, 6:20 PM

 

China’s Geely cuts Daimler stake by more than half

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BEIJING: Chinese billionaire Li Shufu’s Geely Group cut its 9.7 percent stake in Daimler AG by more than half, less than a year after making what was the biggest overseas acquisition by a Chinese automaker, according to people familiar with the matter. 
 
People familiar with the matter didn’t say who the new owners of the shares were. Geely is unloading a 5.4 percent stake in Daimler through the transaction, one of the people said, asking not to be identified as the information isn’t public.
 
Morgan Stanley disclosed in a regulatory filing on Thursday that it’s holding a 5.4 percent stake in Daimler. The bank is holding the shares on behalf of others, one person said, declining to identify those parties.
 
Geely didn’t offer an immediate comment. - Bloomberg
 
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