January 11, 2019 / 8:39 AM / 2 months ago

Geely cuts its Daimler stake by more than half: Bloomberg

The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke

(Reuters) - Chinese billionaire Li Shufu’s Geely Group cut its 9.7 percent stake in carmaker Daimler AG (DAIGn.DE) by more than half, Bloomberg reported on Friday, citing people familiar with the matter.

Li had taken a 9.69 percent stake in Daimler in 2018.

Daimler declined to comment on the report.

Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Shounak Dasgupta

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