Geely buys Daimler stake

Zhejiang Geely Holding Group acquired a 9.69 percent stake in Daimler AG in February, becoming the largest shareholder of Mercedes-Benz's parent company. The Chinese carmaker acquired the stake valued at around $9 billion through an investment fund, according to a regulatory filing. Geely, one of the most successful carmakers in China, has been on a shopping spree. In December 2017, it became the biggest shareholder in Sweden's Volvo AB. In the same year, it acquired a 49.9 percent stake in Malaysian automaker Proton and bought flying car company Terrafugia Inc. Geely also owns Volvo Cars, which it purchased from Ford in 2010.