China’s Geely buys a $9 billion stake in Daimler, reports Bloomberg

Krisztian Bocsi | Bloomberg | Getty Images

An employee holds a Mercedes-Benz badge on the assembly line at the automaker’s factory in Bremen, Germany.

The parent company of Geely, a large Chinese automaker, has bought a nearly 10 percent stake in German car and truck maker Daimler, Bloomberg reported on Friday, citing sources familiar with the matter.

Among other things, Daimler owns the premium automaker Mercedes-Benz and Daimler Trucks, a commercial truck business.

This makes Zhejiang Geely Holding Group Daimler’s largest investor, Bloomberg said. The deal is worth just over $9 billion.

In addition to owning one of China’s largest auto brands, Zhejiang Geely Holding Group also owns Swedish automaker Volvo Cars and has a stake in Volvo Trucks, which was split from Volvo Cars in 1999.

Read the full story at Bloomberg.