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BUSINESS & TECH

Geely Owner Buys Nearly 10% Stake in Daimler

Geely Chairman Li Shufu. Photo: VCG
Geely Chairman Li Shufu. Photo: VCG

Li Shufu, the billionaire chairman of privately-owned Chinese automaker Zhejiang Geely Holding Group Co. Ltd., has acquired a 9.69% stake in Daimler AG, owner of the Mercedes-Benz brand, becoming the German company's largest single shareholder.

Tenaclou3 Prospect Investment Ltd, an investment arm controlled by Geely Group Co. Ltd., a sister company of Geely that is owned by Li and his son, bought the stake in Frankfurt-listed Daimler, according to a regulatory filing released by Daimler on Friday. The market value of the stake is around 7.4 billion euros ($9.1 billion) at the current share price.

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