China’s Geely Buys $9 Billion Daimler Stake

The founder of Zhejiang Geely Holding Group Co. has accumulated a stake worth about 7.3 billion euros ($9 billion) in Daimler AG, marking the biggest investment in a global automobile manufacturer by a Chinese company.

Li Shufu acquired the 9.7 percent 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 percent through purchases in the stock market in recent weeks.

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