CEO Morning Brief

Chinese Billionaire Sells €1.5 Bil Daimler Truck Stake

edgeinvest
Publish date: Fri, 17 Mar 2023, 09:09 AM
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TheEdge CEO Morning Brief
Chinese billionaire Li Shufu

STOCKHOLM (March 16): Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group Co has divested its 6.3% stake in truck maker Daimler Truck Holding AG, equivalent to roughly €1.5 billion (US$1.6 billion) at current market prices.

The company, which is also the biggest shareholder in Swedish truckmaker Volvo AB, said it remains committed to its holding in Mercedes-Benz AG, according to a spokesperson. The owner of Volvo Car AB owned stakes in the two companies following a split of Daimler’s car- and truck-making businesses into two separately listed units in 2021.

“Geely continues to have the same ownership stake in Mercedes as before with Geely’s strategic focus on the car side with Mercedes,” the company said.

Li’s automotive holdings span a range of companies also including Lotus Technology and Aston Martin Lagonda Global Holdings plc. Geely also recently inked a deal with Renault SA to pool combustion-engine assets as the industry moves into the electric cage.

Geely’s 8.2% stake in truckmaker Volvo “represents a long-term profitable and strategic part” of its portfolio, it said earlier.

Source: TheEdge - 17 Mar 2023

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