🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

UPDATE 1-Daimler CEO says Li Shufu partnership requires consensus from BAIC

Published 2018-03-06, 09:40 a/m
© Reuters.  UPDATE 1-Daimler CEO says Li Shufu partnership requires consensus from BAIC
MBGn
-
1958
-

* Daimler reviewing ways to cooperate with Geely

* Daimler CEO says partnership needs to harmonise with BAIC

* Daimler CEO says Li Shufu investment not a surprise GENEVA, March 6 (Reuters) - Daimler DAIGn.DE ChiefExecutive Dieter Zetsche on Tuesday welcomed Geely GEELY.UL Chairman Li Shufu as a new shareholder and said any industrial alliance will depend on whether current China partner BAIC 1958.HK agrees.

"We would like to have consensus with our Chinese partner," Zetsche said, referring to BAIC, the Chinese company with which Daimler operates the Beijing Benz factory in Beijing.

"We will examine everything if it is in keeping with the wishes of our partner," Zetsche said, adding that Li had underlined his positive view of Daimler's management and areas of potential cooperation.

"It was a very interesting discussion with a very successful entrepreneur," Zetsche said, adding that prior discussions with Li had included three main areas.

"It was the relationship to Volvo, possible cooperation inChina, and about a shareholding," Zetsche told reporters in Geneva. "To the third topic, we said we welcome this. In this respect, he did what he had announced."

"We did not believe he would start out with a 9.69 percent stake," Zetsche said, adding Li had not asked for a seat on the supervisory board.

The Geely chairman's move may spur BAIC into renewing efforts to take a stake in Daimler, Zetsche said, adding that this was a "speculative" assumption on his part.

BAIC has in the past said it planned to take a Daimlerstake.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.