How Geely's Li Shufu spent months stealthily building a US$9b stake in Daimler
SHANGHAI/BEIJING (March 2): When Daimler announced that Li Shufu had acquired almost 10% of the automaker last Friday, it caught financial markets — and German regulators — by surprise.
Although the move seemed sudden, the head of the Chinese carmaker Geely had, according to multiple sources and documents reviewed by Reuters, spent months stealthily laying groundwork for the stake.
Two sources in Geely and one source close to the company said a senior executive there, Li Yifan, had for more than a year led a small team tasked with acquiring shares in Daimler.
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