Geely investment in Daimler reported

Reuters has reported that Chinese carmaker Geely has bought shares in German car and truck maker Daimler.

It’s understood the Chinese owner of Volvo cars seeks to strike an alliance over electric cars technology. The size of the stake remains unclear but is likely to be below three per cent, as that level would require Geely to make a regulatory disclosure in Germany.

It was also unclear whether Geely had sought to buy further shares from existing shareholders in Daimler.

Geely is understood to have offered to take up to a five per cent stake in the company in November, but was turned down as Daimler did not want to issue new shares and dilute existing stockholders.

Daimler said on Tuesday it would welcome publish significant changes to its shareholder structure.