Daimler keen to buy Chinese car unit stake
Frankfurt, January 12, 2013
German luxury carmaker Daimler is eyeing a stake in the passenger car unit of its Chinese partner BAIC Group, in a bid to overcome its weakness in the world's largest car market, three sources said.
"When BAIC Motor is floated, Daimler may take a stake of 10 to 20 per cent," one of the sources said yesterday, adding the size of the stake depended on discussions with its Chinese partner.
Daimler is the maker of Mercedes-Benz cars.
The chairman of state-controlled BAIC, Xu Heyi, said in September it aims to list its passenger car subsidiary BAIC Motor in 2013, hoping to raise around 10 billion yuan ($1.6 billion).
Two sources said BAIC Motor is expected to be listed in Hong Kong this year, targeting a volume of at least $1 billion, while other sources cautioned that an initial public offering may be delayed until next year.
Goldman Sachs and Morgan Stanley have been mandated to organise the listing, they said.-Reuters
More Motoring Stories
- 303 deaths linked to recalled GM cars: Watchdog
- Rising luxury car sales drives tuning industry
- Global debut for Audi RS 5 model
- New taxi laws to curb accidents in Abu Dhabi
- Traffic chaos fear in Bahrain
- Toyota remains ‘world’s most valuable car brand’
- Yas Marina Circuit appoints new CEO
- Mercedes-Benz event shows off SUV range
- Qatar Rail backs Gulf Traffic Week
- Citibank in Bahrain F1 tickets offer
- New Renault Safrane arrives in Saudi
- Bentley announces key regional postings
- Jordan dealer launches Jaguar promotion
- New Maserati Ghibli launched in Bahrain
- BMW unveils mobile site, iDrive in Arabic
- Toyota holds body and paint contest in Bahrain
- 330 tonnes of specialist racing cargo for Bahrain
- Automatic licence holders 'can't drive manual cars in Qatar'
- Jaguar Land Rover wins advertising award
- Rolls-Royce to buy key Daimler stake
- Nissan develops ‘smart rearview mirror’
- Dubai Taxi to offer Wi-Fi Internet in cabs
- Infiniti unveils new engine for Q50 Eau Rouge
- Bentley to debut Continental GT Speed at Geneva
- 17 die on Saudi roads daily
- Gargash to build showrooms for China automaker
- Jaguar to launch new sports sedan
- Jaguar Land Rover launches pre-owned programme
- Nissan Patrol sales hit top gear in Jan
- Al-Futtaim wins control of Kenya motor firm