Daimler to buy BAIC stake

Daimler AG last week agreed with Chinese partner BAIC Group to invest in the company's passenger car unit for a 12 percent stake. Subject to approval by relevant authorities, the transaction is expected to be finalized by the end of this year or early next year. The two companies also agreed that BAIC will increase its stake in the production joint venture Beijing Benz Automotive Co by 1 percent to 51 percent.

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