China’s Geely says it has not sold Daimler shares, denies Bloomberg report
BEIJING/SHANGHAI (Reuters) - China's Geely Group [GEELY.UL] said it has not sold any shares in Daimler AG <DAIGn.DE>, 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 on Friday.
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 Mercedes-Benz 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 <1958.HK>.
But the companies have remained in talks about areas of potential cooperation and in October announced they would set up a ride-hailing joint venture in China.
(Reporting by Yilei Sun in Beijing, Brenda Goh in Shanghai, Edward Taylor and Arno Schuetze in Frankfurt; Additional Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Himani Sarkar)
More Top Stories
U.S. home sales tumbled to their lowest level in three years in December and house price increases slowed sharply, suggesting a further loss of momentum …read more
British opposition Labour Party leader Jeremy Corbyn moved a step closer to paving the way for another referendum on European Union membership by trying to …read more
Winter winds and ice sheets will bring extreme cold and ice-slick roads to the Midwestern and Eastern United States on Monday.read more
The U.S. Supreme Court on Tuesday let President Donald Trump enforce his policy barring certain transgender people from joining or staying in the military as …read more
Covington Catholic High School, the Kentucky school at the center of a national controversy over a viral video of an encounter between some of its …read more
Senator Rand Paul and Representative Thomas Massie, both from Kentucky, expressed support for the Covington Catholic High School students who were attacked by the media …read more