February 26, 2018 / 10:43 AM / 10 months ago

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

FILE PHOTO: German Economy and Energy Minister Brigitte Zypries speaks in Berlin, Germany, November 30, 2017. REUTERS/Axel Schmidt

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.

“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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