February 26, 2018 / 3:15 PM / a year ago

German markets regulator to probe Geely's Daimler stake disclosure

FILE PHOTO - The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside the former finance ministry building in Bonn, Germany, Germany, April 5, 2016. REUTERS/Wolfgang Rattay

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below