The Chinese company BAIC Motor Corp. It has acquired 5% of the German manufacturer of luxury vehicles Daimler, reports Reuters. The agreement reinforces the long-term collaboration of both companies after BAIC Motor: Geely's competitor also bought part of the European concern. Daimler, in turn, participates in a subsidiary of BAIC in 2013.
Despite the latest agreement, the largest shareholder of the German concern remains the other Chinese company: Geely. After finalizing the transaction, companies in the Asian state will have about 15% of the manufacturer of Mercedes.
The Chinese company chairman Heyi Xu said that this step is important for the good relationship between the partners.
At the beginning of May, it became clear that BAIC is trying to buy a stake in Daimler as a way of consolidating its total investment to the Chinese-made Mercedes-Benz, Beijing Benz Automotive company.
For the Chinese company, the collaboration with the German manufacturer has a strategic importance, like the other joint venture of the Chinese company with Hyundai Motor Co. There are problems and the local brands are losing losses due to the commercial war and the hardening of the North American automobile market.
Daimler shares increased 0.9% in the first commercial exchanges in Frankfurt. Last year, the shares of the company fell 15%, as the company warned four times that the benefits would be lower this year due to lower demand and the largest provisions against the loss of the # 39; Dieselgate scandal