Chair Of China's Geely Group Buys $9B Stake In Daimler

Law360 (February 23, 2018, 9:14 PM EST) -- The founder and chair of Chinese automobile giant Zhejiang Geely Holding Group, which owns Volvo Cars, Geely and other car companies, has acquired a 9.69 percent stake in Mercedes-Benz’s parent company Daimler AG worth roughly $9 billion, according to a Daimler announcement on Friday.

German regulatory filings showed Li Shufu has purchased 103,619,340 Daimler shares, marking the largest international acquisition by one of China’s leading automobile companies, which purchased Volvo Cars from Ford in 2010 and landed an 8.2 percent stake in AB Volvo in December....
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