China's Geely Says It Has Not Sold Daimler Shares, Denies Bloomberg Report

FILE PHOTO: The emblem of the Geely automobile maker logo is seen at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. Picture taken October 18, 2018. REUTERS/Thomas Peter/File Photo

BEIJING/SHANGHAI (Reuters) - China’s Geely Group [GEELY.UL] said it has not sold any shares in Daimler AG (DAIGn.DE), denying a Bloomberg report that the Chinese firm had slashed its 9.7 percent stake in the German carmaker by more than half.

“As a long-term investor, Zhejiang Geely Holding has not sold any shares. The Daimler shareholding remains unchanged,” a Hangzhou-based spokesman for Geely told Reuters on Friday.

Bloomberg reported that Chinese billionaire Li Shufu’s Geely had sold a 5.4 percent stake, citing people familiar with the matter, but that the new owners of the shares were not known.

The report comes as Morgan Stanley disclosed in a filing on Thursday that it had increased its Daimler stake to 5.39 percent from 0.34 percent on Jan. 4. According to Bloomberg, Morgan Stanley is holding the shares on behalf of others.

Daimler and Morgan Stanley declined to comment on the Bloomberg report.

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    But the companies have remained in talks about areas of potential cooperation and in October announced they would set up a ride-hailing joint venture in China.

    Reporting by Yilei Sun in Beijing, Brenda Goh in Shanghai, Edward Taylor and Arno Schuetze in Frankfurt; Additional Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Himani Sarkar

    Source : https://www.reuters.com/article/us-daimler-stake-geely-automobile-denial-idUSKCN1P50TS

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    China's Geely says it has not sold Daimler shares, denies Bloomberg report
    China's Geely says it has not sold Daimler shares, denies Bloomberg report
    China's Geely says it has not sold Daimler shares, denies report
    China's Geely Says It Has Not Sold Daimler Shares, Denies Bloomberg Report
    China's Geely says it has not sold Daimler shares, denies Bloomberg report
    China's Geely denies Bloomberg report, says has not sold shares in Daimler