February 26, 2018 / 10:43 AM / in a year

Geely's move to buy Daimler stake needs explanation - German minister

FILE PHOTO - German Economy and Energy Minister Brigitte Zypries speaks during the G20 forum on steel overcapacity in the Federal Ministry of Economics and Energy in Berlin, Germany, November 30, 2017. REUTERS/Axel Schmidt

BERLIN (Reuters) - The German government will scrutinise a decision by Chinese automaker Geely to buy a $9 billion (6.40 billion pounds) stake in Daimler AG, Economy Minister Brigitte Zypries was quoted as saying on Monday.

“We have to look at it very closely,” Zypries told local newspaper Stuttgarter Zeitung, adding that the decision by the Chinese competitor to buy a 9.7 percent Daimler stake required explanation.

Zypries, a senior member of the centre-left Social Democrats (SPD), also said it could be problematic if a representative of a competitor got a seat in Daimler’s supervisory board.

Reporting by Michael Nienaber; Editing by Christoph Steitz

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