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

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

China’s Geely Group said it has not sold any shares in Daimler AG, denying a Bloomberg 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 Geely Holding has not sold any shares.

The Daimler shareholding remains unchanged,” a Hangzhou-based spokesman for Geely told Reuters yesterday. Bloomberg 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 Morgan Stanley disclosed in a filing on Thursday that it had increased its Daimler stake to 5.39 percent from 0.34 percent on Jan. 4.

According to Bloomberg, Morgan Stanley is holding the shares on behalf of others. Daimler and Morgan Stanley declined to comment on the Bloomberg report. Li had picked up the 9.7 percent stake in Daimler in 2018, asking the maker of MercedesBenz cars to strike up an alliance to better counter the threat from upstart mobility companies.

His move rekindled German fears about high-tech know-how 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.




Jakarta opens mass rapid transit system

Jakarta opens mass rapid transit system

Indonesia’s capital inaugurated its first mass rapid transit system on Sunday, a $1.1 billion project seen as crucial to tackling some of the world’s worst traffic congestion. President Joko Widodo and other officials joine

MAX anti-stall software fix ready

MAX anti-stall software fix ready

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Sri Lanka opens work on $3.85bn refinery

Sri Lanka opens work on $3.85bn refinery

Sri Lanka began construction yesterday of a nearly $4 billion oil refinery it hopes will revive foreign interest in its shipping facilities after Beijing’s takeover of a nearby port spooked international investors. Prime Minister

Responding to the Need for Change

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SCW to further promote women entrepreneurship

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New programme to employ 240 newly-graduated Bahraini docs

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Roommate killer’s jail term reduced

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Dog torturer’s custody extended

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50 birds worth Dh20m killed by lightning bolt

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Probe ordered

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The Cabinet yesterday chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, has ordered a thorough probe into allegations of two girls selling drugs at a school in the Northern Governorate. The Premier ordered the formation of a high-level committee, under the

Jakarta opens mass rapid transit system

Jakarta opens mass rapid transit system

Indonesia’s capital inaugurated its first mass rapid transit system on Sunday, a $1.1 billion project seen as crucial to tackling some of the world’s worst traffic congestion. President Joko Widodo and other officials joine

MAX anti-stall software fix ready

MAX anti-stall software fix ready

A fix to the anti-stall system suspected in the crash of a Boeing 737 MAX 8 jet that killed 189 people in Indonesia is ready, industry sources said Saturday, as the company tries to avoid a lengthy grounding of its planes. Boeing was d

Sri Lanka opens work on $3.85bn refinery

Sri Lanka opens work on $3.85bn refinery

Sri Lanka began construction yesterday of a nearly $4 billion oil refinery it hopes will revive foreign interest in its shipping facilities after Beijing’s takeover of a nearby port spooked international investors. Prime Minister