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May 26, 2017

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Daimler seeks 10- to 20-percent stake in mainland China carmaker: report

SHANGHAI -- German automaker Daimler is planning to buy a 10- to 20-percent stake in the passenger car unit of its Chinese partner BAIC Group and could sign the deal Friday, a state-backed newspaper said.

The National Business Daily said on Thursday the deal for a portion of BAIC Motor will enhance Daimler's presence in China, the world's largest auto market and the third largest for Daimler unit Mercedes-Benz after Germany and the U.S.

BAIC could not be reached for comment on Thursday. Daimler declined to comment on Wednesday, calling recent media reports "speculation."

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