Volvo owner Geely will buy 3-5% of Mercedes-Benz's parent company at a cost of £3.

52 billion, according to Chinese state media.

The acquisition would make Geely the third-biggest Daimler shareholder, overtaking the Renault-Nissan-Mitsubishi Alliance, which owns 3.1%. Currently, 70.7% of Daimler is owned by institutional investors, while 19.4% is owned by private investors. Kuwait holds a 6.8% stake.

Daimler previously rejected an offer by Geely to buy a stake at a reduced rate, but told the Chinese company that it could buy shares in the open market, according to Reuters.

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Chinese Set To Buy A 5% Stake In Daimler

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