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China's Geely says it has not sold Daimler shares, denies Bloomberg report


BEIJING/(Reuters) - China's Group said it has not sold any shares in AG, denying a report that the Chinese firm had slashed its 9.7 percent stake in the German carmaker by more than half.

"As a long-term investor, Zhejiang Holding has not sold any shares. The shareholding remains unchanged," a Hangzhou-based for told on Friday.

reported that Chinese billionaire Li Shufu's Geely had sold a 5.4 percent stake, citing people familiar with the matter, but that the new owners of the shares were not known.

The report comes as disclosed in a filing on Thursday that it had increased its stake to 5.39 percent from 0.34 percent on Jan. 4. According to Bloomberg, is holding the shares on behalf of others.

Daimler and declined to comment on the report.

Li had picked up the 9.7 percent stake in Daimler in 2018, asking the maker of cars to strike up an alliance to better counter the threat from upstart mobility companies.

His move rekindled German fears about falling into Chinese hands and Daimler had initially balked at the prospect of an alliance, partly on fears it might alienate Mercedes' existing Chinese partner BAIC.

But the companies have remained in talks about areas of potential cooperation and in October announced they would set up a ride-hailing joint venture in

(Reporting by in Beijing, Brenda Goh in Shanghai, Edward Taylor and Arno Schuetze in Frankfurt; Additional Reporting by in Bengaluru; Editing by Himani Sarkar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 15:15 IST