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Daimler puts foot on accelerator in China

February 1, 2013 23:30
German automaker Daimler unveiled plans Friday to boost its position in the fast-growing Chinese market by acquiring a 12-percent stake in the country's fifth-biggest car group. Daimler -- which at the end of last year created a new position on its management board dedicated especially to China -- said in a statement it had decided to deepen its existing partnership with Beijing Automotive Group (BAIC) by buying a stake in its passenger car unit BAIC Motor.

Daimler puts foot on accelerator in China

February 1, 2013 15:30
German automaker Daimler unveiled plans Friday to boost its position in the fast-growing Chinese market by acquiring for 640 million euros a 12-percent stake in the country's fifth-biggest car group. Daimler -- which at the end of last year created a new position on its management board dedicated especially to China -- said in a statement it had decided to deepen its existing partnership with Beijing Automotive Group (BAIC) by buying a stake in its passenger car unit BAIC Motor.

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

February 1, 2013 07:45
German automaker Daimler said on Friday that it has 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. Under a binding agreement signed by Daimler chief executive Dieter Zetsche and BAIC chairman Xu Heyi in Stuttgart, "Daimler is going to invest in BAIC Motor, the passenger car unit of BAIC Group," the statement said.

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

February 1, 2013 07:15
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. spm/hd
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