Daimler Snaps Up 12% Stake In Beijing Automaker

Law360, New York (November 19, 2013, 7:23 PM EST) -- German automobile manufacturer Daimler AG has closed a deal valued at €625 million ($845 million) to acquire a 12 percent stake in the passenger car unit of Beijing Automotive Group, Daimler said Tuesday.

Daimler, which makes Mercedes-Benz luxury cars, announced in February that it would acquire a stake in Beijing Automotive Group, or BAIC, subsidiary BAIC Motor Co. Ltd. in advance of the unit's planned initial public offering. Daimler said it would invest in BAIC Motor through the issuance of new shares equaling a 12 percent...
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