Data provided by iNet BFA
Loading...
See More

Chinese eye Daimler stake - report

Jan 07 2013 13:56 Reuters
Merc

(File) (Shutterstock)

Related Articles

Merc buses recalled on fire risk

Mercedes-Benz pulls out of Naamsa stats

Daimler posts stellar results

BMW sales lead other luxury car makers

Daimler making profits again

Mercedes takes US luxury car crown

 

Frankfurt/Beijing - Shares in Daimler AG rose to a nine-month high on Monday following a Chinese media report that the country's sovereign wealth fund was looking into buying a stake in the German maker of trucks and luxury cars. 

The auto news channel of the online site of China's People's Daily newspaper said China Investment Corp, the country's investment vehicle, was interested in buying a stake of between 4% and 10% stake in Daimler. 

The article cited no sources, saying only that the information "had been revealed". CIC declined to comment. 

A person familiar with the matter told Reuters the report was without merit. 

Daimler spokesperson Silke Walters declined to comment on the report but said: "In general we always welcome any new investors as a balanced shareholder structure is in the interest of Daimler." 

The shares were up 1.7% at 09:08 GMT, making them one of the top three gainers in the DAX index of German blue chips which was down 0.4%. The stock rose as high as €43.64, its highest since April. 

Daimler lost Abu Dhabi's sovereign wealth fund Aabar as its largest investor last October when the emirate sold a remaining 3.07% stake in the Stuttgart-based auto maker worth about €1.25bn. 

The German manufacturer, which last year slipped further behind rivals BMW and Volkswagen's Audi in the global luxury car market, has promised €2bn in cost-cuts at its Mercedes-Benz division by the end of 2014. 

Last autumn Daimler warned it would miss its full-year operating profit target by €1bn.

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

daimler
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

10 tips for financial planning

Financial planning is the first step towards a better financial future.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...