Monday, 21 October, 2019

Geely Boss Becomes Daimler's Biggest Shareholder By Acquiring $9 Billion Stake

Li Shufu's Geely Group has acquired a 9.7 percent stake in Daimler AG Li Shufu's Geely Group has acquired a 9.7 percent stake in Daimler AG
Russell Knight | 23 February, 2018, 22:56

Chinese automaker Zhejiang Geely Holding Group Co. announced it is acquiring a almost $9.2 billion (or 7.5 billion euro) stake in German luxury auto group Daimler AG.

Hangzhou-based Zhejiang Geely has been building up a stake of just under 10 percent through purchases of Daimler's shares in the stock market in recent weeks, according to the report on Friday.

"We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler's innovative prowess, strategy and future potential", the spokesman said in response to a request for comment.

The Chinese automaker could announce the transaction in coming days, Bloomberg reported.

Citrix Systems (CTXS) Given Daily News Sentiment Rating of 0.16
If a buyer buys one share of stock from a seller, then that one share is added to the total volume of that particular stock. It improved, as 53 investors sold PFE shares while 700 reduced holdings. 26 funds opened positions while 69 raised stakes.

Jeld-Wen (JELD) Announces Earnings Results, Misses Estimates By $0.15 EPS
Selective Insurance Group, Inc., together with its subsidiaries, provides insurance services and products in the United States. In a research report issued to clients on Thursday morning, Bank of America maintained their Buy rating on shares of JELD .

Xiaomi and Microsoft sign collaboration agreement on various technologies
In 2015, Xiaomi started using Microsoft Azure operated by 21Vianet in China to run its Mi Cloud service for smartphone users. Microsoft will co-market Xiaomi's Windows laptops.

Geely bought the struggling Volvo VOLVB -1.31% vehicle brand in 2010 and invested more than $3 billion in a stake in Volvo AB, the separate truck maker, late previous year.

Daimler, the maker of Mercedes-Benz and one of the world's biggest automakers, reported record profits of $13.5 billion previous year.

The upcoming move appears to be mutually beneficial for both parties, according to sources with Bloomberg.

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