Daimler has changed the structure of its strategic partnership with Beijing Automotive Group BAIC ahead of an expected initial public offering of its passenger-car unit.
According to a person familiar with the deal, which was agreed on February 1, Daimler is going to invest Rmb5.13 billion $820 million for a 12% stake in BAIC Motor. It is the first time that a non-Chinese car company has taken a stake in a Chinese original equipment manufacturer.
Daimler’s investment will take place through the issuance of new shares. Concurrently, Daimler will reduce its stake in the production joint venture Beijing Benz Automotive Company BBAC by 1% to 49%, passing...
¬ Haymarket Media Limited. All rights reserved.
