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Business

China eyeing Daimler, claims Chinese newspaper

A Chinese newspaper website has maintained the Asian country is considering buying a stake in German car and truck maker Daimler. It would be another move by Beijing to invest foreign exchange reserves.

Chinese media claimed on Monday the country's sovereign wealth fund was mulling buying a stake in German automaker Daimler.

The website of the official People's Daily newspaper said "an insider confirmed that the China Investment Corporation (CIC) is going to buy 4-10 percent of shares in Daimler."

The German DAX-listed vehicle maker told DPA news agency it would not comment on media speculation, but added: "We always welcome new investors in our quest for a balanced shareholder structure."

Money well spent?

Daimler CEO Dieter Zetsche had said in recent interview for the Börsen-Zeitung newspaper that remaining attractive for potential investors had been part of the company's long-term strategy.

"Generally speaking, we intend to lure long-term investors, and investors from China are also welcome," Zetsche said.

Daimler which produces luxury Mercedes-Benz cars as well as trucks plans to sell 300,000 units in China in 2015. Two thirds of them are expected to come from local production facilities in the Asian country.

For the China Investment Corporation (CIC), buying a stake in the German firm would be another move to invest some of the country's massive foreign exchange reserves. CIC has already secured stakes in London's Heathrow airport and the British utility company Thames Water.

hg/ipj (dpa, AFP)