February 26, 2018 / 10:43 AM / a month ago

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

BERLIN (Reuters) - The German government will scrutinize a decision by Chinese automaker Geely [GEELY.UL] to buy a $9 billion stake in Daimler AG (DAIGn.DE), Economy Minister Brigitte Zypries was quoted as saying on Monday.

FILE PHOTO: German Economy and Energy Minister Brigitte Zypries speaks 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 center-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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