Chinese automaker Geely still intends on purchasing a stake from Daimler, despite its initial offer being rejected by the German automaker.
According to local publication The Global Times, Geely intends on investing roughly 4 billion euros ($4.73 billion) to acquire a 3 to 5 per cent stake in Daimler. If the investment is approved, Geely will become the third-largest shareholder of Daimler.
Three weeks ago, it emerged that Daimler had rejected Geely’s bid to purchase a 5 per cent stake through a discounted share placement. At the time, Daimler said it would welcome an investment from the carmaker if it purchased shares in the open market.