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Chinese billionaire Li Shufu is now biggest single stakeholder in Daimler.
Geely chairman buys near 10 per cent share in Mercedes-Benz maker.
Chinese billionaire Li Shufu has bought a near 10 per cent stake in Mercedes-Benz maker Daimler, making him the German group’s largest single shareholder, a stock market filing showed on Friday.
Li, who chairs auto giant Geely Automobile Holdings, bought a 9.69 per cent stake in the carmaker, worth around € 7.2 billion (US$8.9 billion), according to the filing.
The size of the investment leapfrogs a 6.8 per cent stake in the Stuttgart-based group held by Kuwait and Renault-Nissan’s 3.1 per cent holding.
“Daimler is pleased to announced that with Li Shufu it could win another long-term orientated shareholder,” a spokesman for the Stuttgart-based group said.
Li had been “convinced by Daimler’s innovation strength, strategy and future potential”, he added.
German business media have for weeks reported Li and Geely’s interest in Daimler.
But Friday is the first time Li’s stake has crossed the threshold of 3 per cent of stock, requiring a public notification.
Two sources familiar with the thinking of Li Shufu told Reuters that his move to accumulate the stake, which has a market value of US$9 billion, was motivated by the “dramatic transformation” under way in the automotive industry.