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Daimler nears deal to sell half its Smart unit to China's Geely - FT

Daimler nears deal to sell half its Smart unit to China's Geely - FT
FILE PHOTO: Britta Seeger, a board member of Daimler AG presents the new Smart concept autonomous car Vision EQ fortwo model during the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 12, 2017. REUTERS/Kai Pfaffenbach   -   Copyright  KAI PFAFFENBACH(Reuters)
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(Reuters) – Daimler AG is nearing the sale of a 50 percent stake in its small-car brand Smart to China’s Geely Automobile Holdings Ltd, the Financial Times said on Tuesday, citing three people familiar with the matter.

The sale of the stake in its Smart division will be confirmed before the Shanghai Auto Show in April, FT said https://on.ft.com/2TZuiYJ.

Both Daimler and Geely declined a Reuters request for comment.

Last year, Geely built up an almost 10 percent stake in Daimler in a $9 billion (£6.8 billion) bet by its chairman and became the biggest shareholder in Daimler.

(Reporting by Bhargav Acharya in Bengaluru and Edward Taylor; editing by David Evans)

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