Chinese wealth fund eyes Daimler stake
Shanghai, January 8, 2013
China's sovereign wealth fund is considering buying a four to 10 per cent stake in German carmaker Daimler, the website of the official People's Daily newspaper said.
The potential purchase comes as China Investment Corporation (CIC), which had more than $480 billion from the wealth fund under management at the end of 2011, seeks bargains in Europe's weak economy, said the website, quoting unnamed sources.
Chinese media reported nearly a year ago that Daimler had been in contact with CIC regarding a possible deal.
The Financial Times newspaper valued a purchase of four to 10 per cent of Daimler at 1.8 billion to 4.5 billion euros.
Daimler, which produces luxury Mercedes-Benz cars as well as trucks, plans to sell 300,000 cars in China in 2015, about two-thirds of which will be from local production, the company said last month.-Reuters
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