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Zetsche Confirms Daimler in Talks About Equity Sale to BAIC
Daimler AG CEO Dieter Zetsche confirms to Reuters that the carmaker is discussing a possible equity sale to China's BAIC Motor Corp.
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Daimler AG CEO Dieter Zetsche confirms to Reuters that the carmaker is discussing a possible equity sale to China's BAIC Motor Corp.
A Taiwanese media report last month cited BAIC Chairman Xu Heji as saying the companies were in talks and a deal was expected by year-end. Daimler currently holds a 10% stake in BAIC, a Hong Kong-listed unit of Beijing Automotive Group.
The two companies have partnered for years in assembling Mercedes-Benz passenger vehicles and commercial trucks in China. Daimler's largest shareholder is Kuwait's investment authority Investment Dar with a 6.8% stake.
Zetsche says any equity sale to BAIC would be structured not to dilute the stakes of current shareholders.
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