Business
23:01, 24-Feb-2018
Now Daimler’s largest stakeholder, Geely says no plans to further up stake
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China’s Zhejiang Geely Holding does not plan to buy more Daimler shares “for the time being,” it said on Saturday, after its chairman Li Shufu disclosed his 9.69 percent ownership in the German carmaker.
Investing through an overseas company owned by billionaire Li Shufu, chairman of Volvo's Chinese parent company, the purchase was completed by tapping company funds from outside China, Li stated on Saturday.
”Daimler is an outstanding company with a first-class management. It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future," he added, saying that the deal is a strategic move, as the car industry faces heightened competition in energy use and technology from non-conventional players.
For the time being neither Geely Group nor any other company in the Zhejiang Geely Holding Group intends to acquire additional shares, a statement from the company said.
“I will fully abide by the company charter and governance structure of Daimler and respect its values and culture,” Li said in the statement.