URGENT ¥¥¥ Daimler says to take 12.0% stake in China's BAIC Motor

German automaker Daimler said on Friday it had agreed to acquire a 12-percent stake in BAIC Motor, the passenger car unit of China's Beijing Automotive Group (BAIC).

"Daimler and Beijing Automotive Group will significantly deepen their already strong strategic partnership," the German group said in a statement. As part of BAIC Motor's planned initial public offering (IPO), Daimler would acquire a stake of 12.0 percent, it said.