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China's BAIC signalled willingness to increase its stake in Daimler: sources

China's BAIC signalled willingness to increase its stake in Daimler: sources
FILE PHOTO: The Mercedes-Benz logo is seen before the company's annual news conference in Stuttgart, Germany, February 4, 2016. REUTERS/Michaela Rehle/File Photo -
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Michaela Rehle(Reuters)
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BEIJING/FRANKFURT (Reuters) – Daimler’s <DAIGn.DE> main Chinese joint venture partner BAIC Group [BEJINS.UL] signalled its intention to increase its stake in the German luxury car manufacturer last month, sources briefed on the matter said, after it built up a 5% Daimler stake in July.

Officials at BAIC’s listed company BAIC Motor Corp Ltd <1958.HK> said at investor conferences in mid-October “both sides are willing to increase stake in the other”, responding to questions about future relationship between BAIC Group and Daimler, sources said.

Daimler and BAIC were not immediately available for comment.

(Reporting by Yilei Sun and Edward Taylor; Editing by Toby Chopra)

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