FRANKFURT (Reuters) - German regulator BaFin on Monday said it would investigate whether disclosure rules were adhered to when Chinese automaker Geely revealed that its chairman had accumulate a stake of almost 10 percent in Mercedes-Benz owner Daimler.
“Just like in other comparable cases, we will naturally take a look to see if disclosure requirements have been adhered to in a timely manner,” BaFin said in a statement on Monday.
Daimler on Friday said Li Shufu, Geely’s founder and main owner of Geely had become its largest shareholder, by accumulating a 9.69 percent stake.
German disclosure rules require investors to notify the markets when their holdings in a company surpassed the 3 percent and 5 percent thresholds.
Reporting by Frankfurt newsroom; Editing by Maria Sheahan