 "A Daimler sign name is pictured during the company's annual news conference in Stuttgart, Germany")
The founder of Zhejiang Geely Holding Group has accumulated a stake worth about $9 billion in Daimler, marking the biggest investment in a global automobile manufacturer by a Chinese company.
Li Shufu acquired the 9.7 per cent holding through Geely Group, a company owned by the billionaire and managed by his carmaking group, according to a company statement Saturday. Bloomberg News first reported that Geely has become the single largest investor in the parent of Mercedes-Benz by building up a position of just under 10 per cent through purchases in the stock market in recent weeks.
The investment furthers Hangzhou-based Geely’s foray
