China's BAIC seeking to purchase stake in Daimler (Mercedes-Benz)

Yilei Sun, Edward Taylor and Julie Zhu, writing for Reuters:

“BAIC informed Daimler of its intention to buy a 4-5 percent stake in the German maker of Mercedes-Benz cars earlier this year, two of the three sources said. 

BAIC has asked local authorities in Beijing to support a 4-5 percent stake purchase, two of these sources said. 

BAIC has started acquiring Daimler shares on the open market, one source said. 

“Daimler’s share price is currently being underpinned by a buyer who appears to be building a stake,” a person familiar with the matter said.”

Perhaps more than anything, this goes to show how serious Chinese manufacturers are about gaining the technology and expertise to make cars that can be exported around the world.