Daimler AG and Beijing Automotive Group (BAIC) will significantly deepen their already strong strategic partnership: according to a binding agreement signed today between executives of the two companies, Daimler AG is going to invest in BAIC Motor, the passenger car unit of BAIC Group, one of the leading automotive companies in China. This important joint strategic move comes ahead of an intention by BAIC Motor to launch an initial public offering (IPO) in the future. Daimler’s investment will take place through the issuance of new shares corresponding to a twelve percent stake in BAIC Motor.
Daimler’s Chairman of the Board of
Management, Dr. Dieter Zetsche, Chief Financial Officer Bodo Uebber,
and Hubertus Troska, Daimler’s new Board Member for Greater China,
met today at the Mercedes-Benz Museum in Stuttgart with Chairman Xu
Heyi, Deputy General Manager Zhang Xiyong, and CFO Ma Chuanqi of
BAIC. As part of this meeting, they signed the contract between the
two companies. Daimler’s shareholding in BAIC Motor is subject to
the approval by the relevant authorities. A closing of the
transaction is expected by the end of this year or early next year.
The agreement includes that Daimler
will receive two seats on the Board of Directors of BAIC Motor. The
two companies also agreed that BAIC will increase its stake in the
production joint venture Beijing Benz Automotive Company (BBAC) by 1%
to 51% and will thus be able to consolidate this joint venture within
BAIC ahead of its IPO. At the same time, Daimler will increase its
stake in the integrated sales joint venture Beijing Mercedes-Benz
Sales Service Co. by 1% to 51%.
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