Daimler ready to support partner Beijing Auto’s planned 10b yuan Hong Kong public float
(01-15 09:58)
Daimler could take a stake in its Chinese partner, the state-owned Beijing Automotive Industry as it seeks to raise funds on the capital markets, Daimler chief Dieter Zetsche said at the Detroit auto show yesterday.
Reports late last year said Beijing Automotive is preparing to list in Hong Kong and may raise 10 billion yuan.
In December, Daimler also named Hubertus Troska, 52, to the newly created position of China effective December 13, 2012 until December 31, 2015. Troska becomes chief executive and chairman of Daimler Northeast Asia and responsible for all of Daimler's strategic and operating activities in China.
The Chinese carmaker is mulling taking its BAIC Motor unit public, and last week Dow Jones Newswires reported Daimler, the parent of Mercedes Benz and Smart, was weighing taking a 10 percent share in the company. “BAIC is planning an IPO, we will support that intention,'' said Zetsche. “In that context of course, we are negotiating what the framework would be.’’
Daimler already has joint ventures with BAIC to help the German firm build and market its cars and trucks in China, now the world's largest auto market, AFP reports.
Daimler Northeast Asia is based in Beijing and includes Mercedes-Benz (China), Mercedes-Benz Auto Finance, Daimler Northeast Asia Parts Trading & Services, the joint ventures Beijing Benz Automotive, Beijing Foton Daimler Automotive, Fujian Benz Automotive Corporation and Shenzhen BYD Daimler New Technology as well as sales companies in Hong Kong, South Korea and Taiwan.
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