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Geely shares surge as chairman builds stake in Daimler
Add BT as a preferred sourcePublished Mon, Feb 26, 2018 · 09:50 PM
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Hong Kong
GEELY Automobile Holdings Ltd's shares jumped on Monday after its chairman Li Shufu revealed that he had built a US$9 billion stake in Daimler AG, gaining leverage as he tries to convince the German carmaker to cooperate on technology.
The 9.7 per cent holding makes Mr Li Daimler's biggest shareholder and gives him a leg up to the negotiating table after the Mercedes-Benz owner knocked back a request from Geely late last year to issue new shares so that it could buy a stake.
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