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The acquisition of stake in Daimler paves the way for Geely to expand in the European auto market.
The acquisition of stake in Daimler paves the way for Geely to expand in the European auto market.

Li Shufu, the founder of Zhejiang Geely Holding Group Co., has accumulated a stake worth about 7.3 billion in Daimler AG, marking the biggest investment in a global automobile manufacturer by a Chinese company.

Li acquired the 9.69% holding through Geely Group, and the share purchase makes Li currently the single largest shareholder of Daimler.

In a statement of Zhejiang Geely Holding Group Co., Li says: “I will fully abide by the company charter and governance structure of Daimler and respect its values and culture”.

“The competitors that challenge the global car industry in the 21st century technologically are not part of the automotive industry today. But challenges create opportunities. No current car industry player might win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and united strength. My investment in Daimler reflects this vision," he remarks.
Li Shufu, the founder of Zhejiang Geely Holding Group Co.
Meanwhile, in the statement, Geely says Li has a "long-term commitment" to the Daimler stake, and neither Geely Group nor any other company in the Zheijang Geely Holding Group intends to acquire additional shares for now.

Geely financed the deal through a combination of debt, equity and financial instruments overseas and didn’t use domestic funds in China, Chief Financial Officer Li Donghui told CCTV in an interview. He said the actual cost for the stake is lower than its market value, without elaborating.

Hangzhou-based Geely already owns Volvo Cars AB. The investment furthers the Chinese company’s foray into the European premium automotive market and ends months of speculation about a tie-up with Daimler, says a report of Bloomberg News.

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