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Daimler announced on Monday that its Chinese shareholder Beijing Automotive Group Co Ltd (BAIC) has committed not to grow its 9.98 percent interest in the German luxury manufacturer beyond what it has held since 2019.
Daimler (OTC: DDAIF) said that it owns 9.55 percent of BAIC Motor and 2.46 percent of BAIC BluePark. Daimler’s announcement on Monday is the first time the acquisitions have been confirmed publicly since 2019.
“This underlines the successful partnership to continue the long-term success of Mercedes-Benz in China,” Daimler said in a statement For years, state-owned BAIC has been Daimler’s principal partner in China, and under Beijing Benz Automotive, it manages Mercedes-Benz plants in Beijing.
Since 2003, the two firms have worked together in areas such as production, research and development, and sales.
Story by : Norvisi Mawunyegah