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)

By Reuters

Published on 26/03/2019 - 20:34•Updated 10/05/2024 - 07:23

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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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Iranian carpet shop owner Ali Faez works at his shop at the traditional bazaar of the city of Kashan, about 152 miles (245 km) south of the capital Tehran, Iran.

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

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