Daimler turns down Geely offer to buy stake

Daimler AG has turned down an offer from China’s Geely to take a stake of up to 5 per cent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks sai A stake of that size would be worth $4.5 billion at current market prices.

Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble.

This article is no longer available in our repository.

There could be multiple reasons for this.