February 26, 2018 / 10:43 AM / in 8 months

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

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.

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

“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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