Germany will be ‘especially watchful’ after Geely’s $9bn Daimler bet
Frankfurt — Germany would be "especially watchful" over a new major investor in Mercedes-Benz maker Daimler, a minister said on Monday in the latest sign of European disquiet over Chinese influence over business. "We must keep an especially watchful eye" on Geely’s founder and main owner, billionaire Li Shufu’s investment, Economy Minister Brigitte Zypries told the Stuttgarter Zeitung. Daimler confirmed Friday that Li bought a 9.69% stake in the Stuttgart firm worth about €7.2bn ($8.9bn), making him its weightiest investor. Industry analysts suggest having a new, more active major investor may irk executives at first, but could ultimately invigorate Daimler’s transition towards more battery-electric and hybrid cars and internet-connected driving. But worker representatives on Daimler’s board said they too would scrutinise Li’s plans, looking to defend factory sites and jobs in Germany. "We expect of Li that he should have a long-term interest in Daimler and want to develop our compa...
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