Daimler forges closer ties with BAIC

Daimler takes an $820 million stake in China’s BAIC Motor ahead of a future IPO.

Daimler forges closer ties with BAIC

Daimler has changed the structure of its strategic partnership with Beijing Automotive Group BAIC ahead of an expected initial public offering of its passenger-car unit.

According to a person familiar with the deal, which was agreed on February 1, Daimler is going to invest Rmb5.13 billion $820 million for a 12% stake in BAIC Motor. It is the first time that a non-Chinese car company has taken a stake in a Chinese original equipment manufacturer....

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