Photo: Daimler AG
China's Beijing Automotive Group Co. (BAIC) is on its way to a planned initial public offering, but before that's going to happen, their Stuttgart partners are hurrying to secure a 12 percent stake in the company.
According to Bloomberg, who quoted the Beijing Automotive Chairman Xu Heyi, the deal is to be officially signed tomorrow in the Chinese capital.
As part of the transaction, Daimler AG will receive two seats on the Chinese company's board, while BAIC will increase its ownership in the joint venture between the two companies from 50 percent to 51 percent.
As we told you earlier, Mercedes-Benz just started production at the first three-pointed star engine factory built outside of Germany.
Back in August, the Germans were also announcing that they will invest two billion euros in the Middle Kingdom, in order to double their current local passenger car production in the upcoming years, as they have been lagging behind in both logistics and sales compared with Audi and BMW.
Story via Bloomberg
As part of the transaction, Daimler AG will receive two seats on the Chinese company's board, while BAIC will increase its ownership in the joint venture between the two companies from 50 percent to 51 percent.
As we told you earlier, Mercedes-Benz just started production at the first three-pointed star engine factory built outside of Germany.
Back in August, the Germans were also announcing that they will invest two billion euros in the Middle Kingdom, in order to double their current local passenger car production in the upcoming years, as they have been lagging behind in both logistics and sales compared with Audi and BMW.
Story via Bloomberg
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