Geely is now largest shareholder in Mercedes-Benz
Geely Automobile Holdings Ltd’s chairman Li Shufu has revealed that they are now the largest shareholder in Daimler. That’s right, Geely now owns the largest chunk of Mercedes-Benz.
The way it’s being reported, it seems chairman Li just amassed the US$ 9 billion stake in Daimler a little at a time without the Germans even noticing. Geely now has major leverage as they attempt to persuade Mercedes-Benz to share technology.
The 9.7% holding makes Li Daimler’s biggest shareholder and puts Mercedes-Benz in a pickle as the latter already has a partnership with China’s BAIC Motor Corporation to build cars in China.
Geely also owns Volvo, London taxi-maker LEVC, Lotus, almost half of Malaysia’s Proton, a chunk of Volvo Trucks and even flying-car start-up Terrafugia.