Daimler Pays $869M For 12% Stake In Chinese Auto Co.

Law360, New York (February 1, 2013, 1:54 PM EST) -- German automobile manufacturer Daimler AG has acquired a 12 percent stake in the passenger car unit of Beijing Automotive Group (BAIC) for €640 million ($869 million) in advance of the unit's planned initial public offering later this year, Daimler said Friday.

Daimler will invest in BAIC Motor Co. Ltd., a subsidiary of Beijing Automotive Group, through an issuance of new shares equaling a 12 percent stake. The German car maker will also receive two seats on the board of BAIC Motor and increase its stake in...
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