The Chinese automaker BAIC has taken a 5 percent stake in its German counterpart Daimler. The parent company of Mercedes-Benz says “to be very happy that our long-term partner BAIC has now also become a long-term investor”.
Daimler and BAIC have been working together since 2005 in various partnerships in China. For example, the two automakers jointly own Beijing Benz Automotive Company, which makes luxury cars for the Chinese market.
BAIC’s interest consists of 2.48 percent of the shares in Daimler. In addition, the Chinese acquired the right to buy 2.52 percent in voting rights. What BAIC paid was not disclosed. A 5 percent share in Daimler has a market value of 2.5 billion euros.