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DAIMLER AG

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Daimler : Geely says it has not sold Daimler shares, denies Bloomberg report

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01/12/2019 | 11:19am EDT

INTERNATIONAL -China’s Geely Group said it has not sold any shares in Daimler AG, denying a Bloomberg report that the Chinese firm had slashed its 9.7 percent stake in the German carmaker by more than half.

“As a long-term investor, Zhejiang Geely Holding has not sold any shares. The Daimler shareholding remains unchanged,” a Hangzhou-based spokesman for Geely told Reuters on Friday.

Bloomberg reported that Chinese billionaire Li Shufu’s Geely had sold a 5.4 percent stake, citing people familiar with the matter, but that the new owners of the shares were not known.

The report comes as Morgan Stanley disclosed in a filing on Thursday that it had increased its Daimler stake to 5.39 percent from 0.34 percent on Jan. 4. According to Bloomberg, Morgan Stanley is holding the shares on behalf of others.

Daimler and Morgan Stanley declined to comment on the Bloomberg report.

Li had picked up the 9.7 percent stake in Daimler in 2018, asking the maker of Mercedes-Benz cars to strike up an alliance to better counter the threat from upstart mobility companies.

His move rekindled German fears about high-tech know-how falling into Chinese hands and Daimler had initially balked at the prospect of an alliance, partly on fears it might alienate Mercedes’ existing Chinese partner BAIC.

But the companies have remained in talks about areas of potential cooperation and in October announced they would set up a ride-hailing joint venture in China.

Reuters

(c) BusinessReport 1999 - 2019 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG -0.52% 50.96 Delayed Quote.12.18%
MORGAN STANLEY 0.23% 43.13 Delayed Quote.8.78%
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Financials (€)
Sales 2019 171 B
EBIT 2019 12 133 M
Net income 2019 8 258 M
Finance 2019 15 791 M
Yield 2019 6,26%
P/E ratio 2019 6,62
P/E ratio 2020 6,61
EV / Sales 2019 0,23x
EV / Sales 2020 0,22x
Capitalization 55 097 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 59,4 €
Spread / Average Target 15%
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Managers
NameTitle
Dieter Zetsche Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Bodo Knut Uebber Chief Financial Officer
Frank Lindenberg Head-Finance & Controlling
Clemens A. H. Boersig Member-Supervisory Board
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